• Market Watch

OPEC continues to woo Namibia

• 6 Months Ago - 2024-05-16 00:00:00

The Organisation of Petroleum Export Countries (OPEC) is not relenting in its efforts to woo Namibia, with its secretary general, Haitham Al-Ghais, saying they are still keen to see Namibia develop its recent oil discoveries.
Al-Ghais made the comments in a recent statement. Listing new jurisdictions such as Namibia, Senegal and Mauritania, he said there was potential for the development of new oil industries in the respective countries.
“Looking at recent developments across the energy scene in Africa, we see opportunities for the oil industry in places like Namibia, Senegal, Mozambique and Mauritania, to name but a few. OPEC is attentive to these developments and stands ready to support all countries on the African continent in the next chapter in developing their industries," Al-Ghais said.
Al-Ghais, during the Namibia International Energy Conference held last month, launched a charm offensive in a bid to entice authorities to favourably consider membership in the cartel.
"We are excited about the potential of the Namibian OPEC partnership and stand ready to offer support at this crucial juncture," Al Ghais said in a pre-recorded message at the international energy conference in Namibia.
"We are enthused by the discoveries in Namibia. Namibian oil and energy will be essential to meeting future demand,” he added.

‘Too early’
Mines minister Tom Alweendo had previously told Market Watch that it was too soon to consider Namibia agreeing to becoming an OPEC member.
"It’s rather too early to consider the issue,” Alweendo said at the time.
Oil giants TotalEnergies and Shell in 2022 announced significant oil discoveries in the Orange Basin off the Namibian coast, while Portuguese oil company Galp announced its 11 billion barrel oil find in the same basin late last month.
TotalEnergies has also directed half of its exploration budget towards its Namibian projects for 2024.