Is there a domestic market for crude oil in Namibia?
There currently isn’t a domestic market for crude oil in Namibia as no refining capacity exists, although that could change in the not too distant future if a proposed refining complex in Walvis Bay moves forward. At any rate, Walvis Bay would be the most likely destination for any commercial product.
Can Namibia become a major oil producer?
This partnership could provide Namibia with valuable expertise and support, further accelerating its path to becoming a significant oil producer. It is estimated that Namibia could achieve a peak production capacity of 700,000 barrels per day by the next decade.
How much oil does Namibia produce a day?
It is estimated that Namibia could achieve a peak production capacity of 700,000 barrels per day by the next decade. While this might seem insignificant compared to Angola’s output of about 1.1 million bpd, the potential for growth remains substantial, especially with more successful exploration activities.
Is Namibia a key player in the global oil market?
With significant discoveries along its coast, the southern African nation is poised to become a key player in the global oil market. Namibia has garnered attention following several major offshore discoveries, particularly in the Orange Basin and other promising areas such as the Luderitz, Kavango and Walvis basins.