Recent shifts in the global oil landscape have prompted the OPEC+ alliance to explore potential new members, with Namibia emerging as a candidate for membership, according to insights shared by an African industry official with Reuters.
Namibia’s oil production prospects, expected to commence around 2030, have captured the attention of the OPEC+ group. The nation has the potential to become Africa’s fourth-largest oil producer, with French energy giant TotalEnergies unveiling discoveries amounting to an estimated 2.6 billion barrels in recent years.
For Namibia to align with OPEC+, an initial step involves joining the alliance’s Charter of Cooperation. This charter facilitates ongoing discussions regarding potential membership and collaborative strategies within energy markets. Notably, Brazil became a part of this charter in January, signaling the alliance’s openness to expanding its membership.
NJ Ayuk, Executive Chairman of the African Energy Chamber, conveyed to Reuters that OPEC has expressed interest in welcoming Namibia as a full member. He indicated that the organization has initiated a diplomatic engagement termed a “charm offensive,” although the outcome of these discussions remains uncertain. Earlier in February, OPEC Secretary-General Haitham Al Ghais alluded to ongoing conversations with multiple nations regarding charter membership, refraining from disclosing specific names.
In the past year, references made by Namibian Petroleum Commissioner Maggy Shino to the OPEC “family” suggested a keenness to integrate into the bloc. However, Minister of Mines and Energy Tom Alweendo indicated in March that membership aspirations were not currently under consideration.
The deliberations surrounding Namibia’s potential inclusion in OPEC+ underscore the evolving dynamics within the global oil industry, with traditional players seeking to adapt to emerging producers and shifting market realities.