https://www.engineeringnews.co.za
Africa|Charter|Energy|Exploration|Gas|Petroleum|Resources|Shell
Africa|Charter|Energy|Exploration|Gas|Petroleum|Resources|Shell
africa|charter|energy|exploration|gas|petroleum|resources|shell

Opec woos Namibia as African nation prepares to produce from 2030

A building with an Opec sign

Photo by Reuters

16th April 2024

By: Reuters

  

Font size: - +

The Opec+ oil producers group, having lost Angola and other players in recent years, is eyeing Namibia for possible membership as it sets up what could be Africa’s fourth-largest output by the next decade, an African industry official and sources told Reuters.

TotalEnergies and Shell in recent years have made discoveries estimated at 2.6 billion barrels, setting the stage for the southern African country to plan production from about 2030.

The initial focus for Opec+ would be to see Namibia join its Charter of Cooperation, the sources said, a grouping that engages in longer-term dialogue about energy markets. Brazil joined the charter in January.

Eventually Opec, the core oil exporters group that with Russia and others forms Opec+, would like to see Namibia become a full member, said NJ Ayuk, executive chairman of the African Energy Chamber, which he said had been involved in facilitating talks between the two sides.

Opec has begun its "charm offensive", he said, adding that the outcome of the talks were unclear at this stage.

Opec did not immediately respond to a request for comment. Opec Secretary-general Haitham Al Ghais was quoted in February as saying Opec was holding talks with several nations on joining the charter, without naming them.

Opec in a tweet at the time said Al Ghais met Namibian Minister of Mines and Energy Tom Alweendo at a conference in Nigeria where the prospect of Opec and Namibia working together "under the umbrella of the charter of cooperation" was raised.

Last year, Namibian Petroleum Commissioner Maggy Shino expressed interest in joining the Opec "family", according to a report by S&P Commodity Insights, known as Platts.

Yet in March, minister Alweendo told Reuters that Opec membership was not on the cards and did not want to be drawn on whether Namibia was considering joining the charter.

"We haven't been approached by anyone to join Opec. Opec members are petroleum exporting countries and we are not there yet," he said. "That is a consideration only after we have started to produce."

Talks between Opec and the Namibian government will likely continue in late April, however, when Opec's Al Ghais is scheduled to deliver an address to a Namibian energy conference, said Ayuk, who is also a speaker at the event.

NEXT DECADE

About 2.6 billion barrels of oil have been discovered in Namibia this decade so far, Pranav Joshi of energy consultancy Rystad Energy told Reuters.

In addition to Total and Shell, firms including Chevron, Rhino Resources, Eco Atlantic Oil & Gas and Galp Energia are conducting exploration and appraisal activities.

Based on the existing discoveries, Namibia is looking at 700 000 barrels per day (bpd) of peak production capacity by the next decade, Joshi estimated.

That is smaller than Angola's output of some 1.1-million bpd but Joshi noted Namibia's number could rise with further successful exploration.

Angola quit Opec in December of last year over a lower-than-expected output ceiling it received from Opec+ whose members are curbing production to help support prices.

Edited by Reuters

Comments

Showroom

Aqs image
AQS Liquid Transfer

AxFlow AQS Liquid Transfer (Pty) Ltd is an Importer and Distributor of Pumps in Southern Africa

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (26/04/2024)
26th April 2024 By: Martin Creamer

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.084 0.14s - 172pq - 2rq
Subscribe Now