National Petroleum Corporation of Namibia (NAMCOR) says its data was instrumental in the significant oil discoveries made by Shell and TotalEnergies.
NAMCOR’s interim Managing Director Ebson Uanguta made the remarks during an event held to commemorate the life of late President Hage Geingob at NAMCOR’s head office.
“When we are talking about the issue of offshore oil, I think there are good prospects, and that is why oil companies are showing interest, TotalEnergies, Shell, as well as Chevron, Exxon Mobil as well as other oil companies now showing interest,” Uanguta said of Namibia’s offshore oil basins.
“As NAMCOR we play that role to ensure we provide data so that it will facilitate quick discoveries. In fact, a lot of these discoveries were provided by the intelligence that came out of NAMCOR,” he added.
NAMCOR’s role in the discovery of these oil fields should not be downplayed, Uanguta said.
“NAMCOR, we need to recognise the role that they play in making sure that the information was provided to this industry, that was our key role,” he said.
NAMCOR’s Executive for Upstream Development and Production Mtundeni Ndafyaalako, who revealed the revenue projections, said there is potential for the country’s economic diversification through the exploration and exploitation of its newfound oil resources.
“The project, which I have been passionately advocating, is already in the development stages and is projected to potentially double Namibia’s Gross Domestic Product (GDP) by the year 2040,” Ndafyaalako told a recently held oil seminar.
“Between 2033 and 2043, the oil and gas sector is anticipated to make an average annual contribution of approximately US$17 billion to Namibia’s GDP. What these staggering figures imply is that during this period, oil, either on its own or in conjunction with gas, will make up nearly half of Namibia’s GDP.
“At the peak of production, a confluence of estimated revenue from royalties, corporate taxes, and additional profit taxes could amass a substantial US$5.6 billion annually in state revenue,” he added.
To date, Shell has made four significant discoveries in Namibia: Graff, La Rona, Lesedi, and Jonker.
French oil major TotalEnergies has also made a significant discovery on the Venus prospect, located in block 2913B in the Orange Basin, offshore southern Namibia.
