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.
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.
Which oil companies are playing a pivotal role in Namibia?
We have identified three major oil companies, namely Chevron CVX, ExxonMobil XOM and Shell, that are strategically positioning themselves to seize opportunities in this emerging frontier, thus playing a pivotal role in Namibia’s ascent within the global oil industry.
Does Chevron have a presence in Namibia?
Chevron has marked its presence in Namibia by signing a development deal in April 2023, giving it an 80% operating working interest in an offshore block in the Walvis Basin. Chevron Namibia Exploration Ltd also operates Petroleum Exploration Licence (“PEL”) 90, an offshore deepwater block in the Orange Basin.