https://en.sputniknews.africa/20230819/this-african-country-looking-for-over-2-bln-investment-to-expand-oil-developments-1061454047.html
This African Country Looking for Over $2 Bln Investment to Expand Oil Developments
This African Country Looking for Over $2 Bln Investment to Expand Oil Developments
Sputnik Africa
In early 2022, Namibia discovered light oil with associated gas in two wells, Venus-1 and Graft-1, drilled in the Orange Basin by the oil giants Total Energies... 19.08.2023, Sputnik Africa
2023-08-19T18:44+0200
2023-08-19T18:44+0200
2023-08-19T18:44+0200
sub-saharan africa
namibia
southern africa
oil
economy
energy
industry
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Namibia is eyeing private investment for a N$40 billion ($2.1 billion) extension of port infrastructure following major offshore oil discoveries, Andrew Kanime, Namibian Ports Authority Chief Executive Officer, told the US media.According to the official, the Walfish Bay (west-central Namibia) and Luderitz (southern part of the country) projects provide for the delivery of new wharves and quaysides to facilitate drilling operations.Kanime expressed hope that the authorities will proceed with the projects in the last quarter of next year, which will take no longer than three years.The expansion plans likewise include the construction of a second port in Luderitz, as well as other additions to serve multi-platform ships.Last year, two wells, Venus-1 and Graft-1, drilled in Namibia's Orange Basin by oil giants Total Energies and Shell, discovered light oil with associated gas.Namibia discovered its third major oil field in the Orange Basin in early March 2023, with Shell and QatarEnergy successfully drilling the Jonker-1X exploration project, leading to increased exploration and appraisal activity in the country.The National Petroleum Corporation of Namibia (NAMCOR) said in June that it anticipates the country to commence oil production by 2029.Namibian Minister of Mines and Energy Tom Alweendo on Thursday warned that the country's recent oil and gas discoveries alone are not a "cure" for the state's socio-economic problems. The minister added that there is need for a greater role for the country's leadership in the management of oil and gas exploration and production.
https://en.sputniknews.africa/20230707/african-oil-producers-urge-regional-leaders-to-cut-exports-invest-in-poverty-reduction-1060386103.html
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namibia, southern africa, oil, economy, energy, industry
namibia, southern africa, oil, economy, energy, industry
This African Country Looking for Over $2 Bln Investment to Expand Oil Developments
In early 2022, Namibia discovered light oil with associated gas in two wells, Venus-1 and Graft-1, drilled in the Orange Basin by the oil giants Total Energies and Shell. It is estimated that the discoveries could contain about 7 billion barrels of oil equivalent.
Namibia is eyeing private investment for a N$40 billion ($2.1 billion) extension of port infrastructure following major offshore oil discoveries, Andrew Kanime, Namibian Ports Authority Chief Executive Officer, told the US media.
According to the official, the Walfish Bay (west-central Namibia) and Luderitz (southern part of the country) projects provide for the delivery of new wharves and quaysides to facilitate drilling operations.
Kanime expressed hope that the authorities
will proceed with the projects in the last quarter of next year, which will take no longer than three years.
"As a port authority we are moving toward a landlord model," he said as quoted by the outlet. "We want private companies with both technical expertise and financial resources to invest in this space."
The expansion plans likewise
include the construction of a second port in Luderitz, as well as other additions to serve multi-platform ships.
Last year, two wells, Venus-1 and Graft-1, drilled in Namibia's Orange Basin by oil giants Total Energies and Shell,
discovered light oil with associated gas.
Namibia discovered its third major oil field in the Orange Basin in early March 2023, with Shell and QatarEnergy successfully drilling the Jonker-1X exploration project, leading to increased exploration and appraisal activity in the country.
The National Petroleum Corporation of Namibia (NAMCOR) said in June that it anticipates the country to commence
oil production by 2029.
According to NAMCOR’s acting Managing Director Shiwana Ndeunyema, the discovery of oil and gas fields in Namibia could generate more than 4,000 jobs.
Namibian Minister of Mines and Energy Tom Alweendo on Thursday warned that the country's recent oil and gas discoveries alone are not a "cure" for the state's socio-economic problems. The minister added that there is need for a greater role for the country's leadership in the management of oil and gas exploration and production.
