Maggy Shino to speak at AEW 2024
African Energy Week
Following significant hydrocarbon discoveries in the Mopane Structure in Namibia's offshore Orange Basin, estimated to hold over 10 billion barrels of oil and gas, Namibia has solidified its status as Africa's top exploration hotspot.At the upcoming African Energy Week (AEW): Invest in African Energy 2024, Maggy Shino, Petroleum Commissioner of Namibia’s Ministry of Mines and Energy, will discuss the country’s transition into a hydrocarbon producer and provide updates on key discoveries by Shell and TotalEnergies.
Namibia, with its proven petroleum system, anticipates its first oil production from the Orange Basin by 2030. TotalEnergies’ Venus-1 discovery is estimated to hold over 5 billion barrels, while Chevron will drill its first exploration well in PEL 90 by late 2024. Onshore, ReconAfrica is exploring the Kavango Basin, estimated to contain over 22 trillion cubic feet of gas.
Recent farm-in deals reflect growing interest in Namibia's offshore acreage. BW Energy committed up to U$141 million in PEL 73, focusing on exploration in the Damara Fold Belt. Azule Energy acquired a 42.5% interest in Block 2914A, and Eco Atlantic farmed into Block 1 in the Orange Basin. Global Petroleum is also in talks for a farm-in agreement for PEL 94 in the Walvis Basin.
Namibia is advancing its gas development plans, targeting a final investment decision for the Kudu Gas Development in 2024, with production expected by 2026. This project will enhance domestic power generation and stimulate economic growth.
To support its production goals, Namibia’s Ministry of Mines and Energy is developing petroleum revenue management legislation and local content policies, ensuring effective resource management and opportunities for local industries. At AEW 2024, Namibia will present its industry milestones, new exploration opportunities, and plans for partnerships and foreign investment.
The country’s ongoing discoveries, proactive policies, and commitment to local content underscore its potential to drive economic growth and energy security in Namibia and the broader Southern African region. – Distributed by APO Group on behalf of the African Energy Chamber.