Massive oil deposits estimated at around 10 billion barrels have been discovered off the coast of Namibia, potentially increasing the country's total recoverable oil reserves to around 21 billion barrels, making it one of the largest reserves in Africa. The Orange Basin, within Namibia's Exclusive Economic Zone, has been a hub of exploration activity, with significant discoveries such as Graff-1, Jonker-1X, La Rona-1, Lesedi-1X, and Venus-1. Other basins like Lüderitz, Walvis, and Namibe also show promising potential due to their geological similarities. Companies like Galp, which holds an 80% stake in Petroleum Exploration Licence 83 in the Orange Basin, alongside Namcor and Custos, are at the forefront of these exploration efforts.
While these discoveries bring hope for economic benefits, including reduced unemployment and increased daily production predicted at 380,000 barrels by 2029, challenges remain. The infrastructure development necessary for extraction, transportation, and refining is still in the early exploration and appraisal phases, with no commercial production yet. Namibia's unique geography, characterized by its vast Namib Desert and low population density, presents both logistical challenges and opportunities to minimize environmental disruption. Balancing oil production with conservation of its desert and marine ecosystems will be crucial. Despite predictions of global oil demand peaking by 2033, analysts remain confident in the long-term value of Namibia's resources for both local and international markets.
Source: t.ly/hDiVq
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