Commodities
Home›Commodities›Energy›Namibia ramps up offshore oil projects as South Africa…
Namibia ramps up offshore oil projects as South Africa lags
Namibia’s Orange Basin is estimated to hold more than 20 billion barrels of oil equivalent, and projects include TotalEnergies’ Venus development targeting about 150,000 barrels per day.
Namibia is emerging as a faster-moving offshore oil producer in Africa’s Orange Basin, while neighboring South Africa remains years behind in developing the same petroleum system, according to OilPrice.
The Orange Basin is an offshore deepwater province spanning the Atlantic maritime border between the two countries, and OilPrice estimates the basin contains more than 20 billion barrels of oil equivalent.
TotalEnergies’ deepwater Venus Project in offshore Namibia now targets initial production capacity of roughly 150,000 barrels of oil per day, with first oil aimed for 2030. Venus-1X is estimated to contain 1.5 billion barrels of light crude and 4.8 trillion cubic feet of gas.
OilPrice also notes that TotalEnergies took over operations of the Mopane discovery from Portugal’s Galp Energia. In addition, Shell and its joint venture partners reported a major discovery at the Merlin-1X exploration well in Namibia’s Orange Basin, 290 kilometers off the coast, with recoverable reserves estimated at 750 million barrels for Phase 1.
Latest closeWTI crude $80.00 ▼5.5%