Haitham Al Ghais, the Secretary General of OPEC, expressed enthusiasm for a potential partnership with Namibia, highlighting the country’s emergence as a key player in the oil industry following significant discoveries. Speaking at an international energy conference in Namibia, Al Ghais stated that OPEC is eager to extend support to Namibia during this critical phase.
“We are excited about the potential of the Namibian OPEC partnership and stand ready to offer support at this crucial juncture,” said Al Ghais in a pre-recorded message.
Acknowledging Namibia’s growing significance in meeting future energy demands, Al Ghais emphasized the importance of exploring opportunities in the country’s oil sector. Encouraging potential investors to delve deeper into the venue, he highlighted Namibia’s role in addressing global energy needs.
Namibia’s potential inclusion in OPEC comes at a time when the organization seeks to offset the withdrawal of Angola, a move prompted by production quotas aimed at stabilizing oil prices. With projections suggesting a peak production capacity of around 700,000 barrels per day by the next decade, Namibia’s contribution could help bridge the gap left by Angola’s departure.
According to Reuters, citing Rystad Energy, Namibia’s anticipated production levels could rival those of Angola, which was producing 1.1 million barrels per day at the time of its exit from OPEC in December.
The optimism surrounding Namibia’s oil prospects received a boost earlier this week when Portugal’s Galp Energia announced a significant discovery in the Mopane field, located in offshore Namibia’s Orange Basin. The company’s revelation, indicating the potential presence of at least 10 billion barrels of oil in the first phase of exploration, led to a surge in Galp’s shares by over 20%.
The Mopane field, situated in an area where Shell Plc and TotalEnergies SE have also made substantial oil and gas discoveries, underscores the growing interest in Namibia’s oil-rich territories. Galp, which produced an average of just over 122,000 barrels of oil-equivalent per day in 2023, stands to benefit significantly from its recent discovery.
Comparisons have been drawn between Galp’s find and the Stabroek block in Guyana, where Exxon, Hess, and China’s CNOOC have uncovered over 11 billion barrels of recoverable oil and gas. This suggests that Namibia’s emergence as an oil frontier holds promise comparable to that of established players in the industry.