Haitham Al Ghais, the Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), has voiced optimism about a potential partnership with Namibia, affirming OPEC’s willingness to support the southern African nation in its pursuit of oil exploration.
Reported by Reuters, the OPEC+ coalition, which has witnessed departures such as Angola in recent times, is contemplating the inclusion of Namibia as a potential member.
This development aligns with Namibia’s aspirations to potentially emerge as Africa’s fourth-largest oil producer by the coming decade.
Speaking at an international energy conference in Namibia, Secretary-General Al Ghais expressed OPEC’s eagerness regarding the prospective collaboration with Namibia. He emphasized the significance of Namibian oil and energy in meeting future demand and pledged OPEC’s support 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,” stated Al Ghais.
Encouraging potential investors to explore opportunities in Namibia, Al Ghais highlighted the recent oil discoveries made by TotalEnergies and Shell, amounting to approximately 2.6 billion barrels. These discoveries position Namibia for oil production commencement by 2030.
With the current discoveries, Namibia anticipates reaching a peak production capacity of 700,000 barrels per day (bpd) by the next decade. While this figure is lower than Angola’s output, Namibia’s production capacity holds the potential for expansion through further successful exploration ventures.
In recent years, smaller oil producers have joined OPEC, with Equatorial Guinea becoming a full member in 2017, Gabon rejoining OPEC in 2016, and Congo attaining full membership in 2018.