Namibia will consider joining OPEC if its newly found oil fields enter development. Joining OPEC will be one of the options Namibia will consider, if the oil fields discovered off the country’s coast prove large enough for commercial development.
On October 10, Qatari Minister of State for Energy Affairs Saad Sherida Al-Kaabi said that Qatar’s oil and gas company QatarEnergy wants to accelerate the development of two oil fields, Venus X1 and Graff, it discovered off the coast of Namibia with joint venture partners.
Qatar Energy owns 30% of the shares of the Venus X1 field development joint venture, while the field’s operator, French Total Energies, has 40%, Private Impact Oil and Gas company owns 20%, and Namibia’s state-owned NAMCOR has 10%.
In the Graff field, UK Shell and Qatar-energy each hold a 45% stake, while the former German colony company NAMCOR owns the remaining 10%.
The commissioning of these fields could make Namibia, a southern neighbor of OPEC member Angola, another oil producer on the African Atlantic coast. The companies have not yet reported on the quantities of oil found in the fields.
After decades of sporadic false dawns, exploration drilling off Namibia finally delivered earlier this year with two breakthrough oil discoveries. Both are in adjacent blocks in the Orange basin, and were the first ultra-deep-water wells drilled anywhere offshore Namibia.
Shell’s Graff, reportedly containing up to 500 MM-bbl recoverable, was quickly followed by the Total Energies-operated Venus, which some reports suggest could be one of the biggest fields discovered anywhere offshore Sub-Saharan Africa.
Last month, during an oil conference in Dakar, Namibian Energy Minister Tom Alweendo said that the joint venture partners could start production at the country’s new fields in four years.
Sputnik / ABC Flash-Point African Oil & Gas News 2022.