Namcor lists Namibia's oil production strengths

National Petroleum Corporation of Namibia (Namcor) interim managing director Ebson Uanguta says Namibia could be handling as much as 500 000 barrels of oil per day once production peaks in the 2030s.

Uanguta made these comments following the Economic Association of Namibia (EAN) oil and gas conference, stating that Namibia stands on the cusp of becoming one of the top five oil-producing countries on the continent.

“Namibia could become a net exporter of crude oil in the early 2030s when several projects reach their production peaks,” Uanguta said.

With the deployment of up to four Floating Production Storage and Offloading units (FPSOs), Namibia also has the potential to store between 1.4 million and 2 million barrels of oil while handling an additional 500 million cubic feet of gas, Uanguta added.

“Our benchmarks lead us to anticipate new FPSOs with a capacity to produce between 100 000 and 150 000 barrels of oil per day (bpd), as well as to store approximately 1.4 million to 2 million barrels of oil and handle 500 million cubic feet of gas. So, there are facilities on the horizon,” he said.

Global hotspot

By 2035, Namibia could surpass early production figures, potentially hitting the half a million barrel mark in the following decade.

“With four FPSOs deployed in Namibia by around 2035, the country could be producing in excess of half a million barrels per day of oil equivalent,” Uanguta said.

Consulting firm Wood Mackenzie highlighted the significance of Namibian oil finds in a country report, noting the successful outcomes after years of unsuccessful drilling attempts.

“Namibia emerged as a global exploration hotspot in 2022 after years of unsuccessful drilling.

“A major new hydrocarbon province was proven in the Orange sub-basin, with two potentially multi-billion barrel ultra-deepwater oil and gas discoveries by Shell at Graff and TotalEnergies at Venus. In 2024, Galp Energia discovered Mopane in Block 2813A (PEL 83), confirming the high exploration potential of the Cretaceous deepwater turbidite play,” the report said.