• Mining
Sunday, October 19, 2025
Mining and Energy Namibia | Namibia’s Leading Mining & Energy News
Subscribe
No Result
View All Result
  • Diamonds
  • Oil & Gas
  • Uranium
  • Green Hydrogen
  • Gold
  • Lithium
  • Energy
  • Copper
  • Zinc
  • Diamonds
  • Oil & Gas
  • Uranium
  • Green Hydrogen
  • Gold
  • Lithium
  • Energy
  • Copper
  • Zinc
No Result
View All Result
Mining and Energy Namibia | Namibia’s Leading Mining & Energy News
No Result
View All Result
Home Mining

Namibia oil discovery could be a ‘giant’ – TotalEnergies CEO

by editor
September 29, 2022
in Mining, Oil & Gas
1.8k 18
A A
0

TotalEnergies said an oil discovery off Namibia could be a “giant,” boosting speculation that the country is home to a prolific new hydrocarbon basin.

The find in the southwest African country “seems to be a very large” or even “giant” one, based on the results from a single well, TotalEnergies Chief Executive Officer Patrick Pouyanne said in a presentation to investors in New York.

The French major energy producer announced an initial discovery in Namibia in February, weeks after Shell Plc also drilled a successful offshore well there. The country has high hopes for its nascent petroleum industry, predicting that it could double GDP by 2040.

TotalEnergies, alongside QatarEnergy, and Impact Oil and Gas’s Venus-1X discovery is located approximately 290 kilometres off the coast of Namibia, in the deep-water offshore exploration Block 2913B, which covers approximately 8,215 km².

Oil finds off Africa have been few and far between in recent years, with exploration activity dropping to a single rig in 2020 as the global pandemic took hold. In the months following the initial discoveries in Namibia, executives at TotalEnergies and Shell had sought to damp speculation that they had found significant resources.

Namcor estimates that Namibia could generate US$5.6 billion in revenue for the country at peak production from its two oil finds, which have the potential to double the country’s economy, which Bloomberg estimates at US$11 billion by 2040.

Consultant Wood Mackenzie estimates that Namibia discoveries could contain about 6.5 billion barrels of oil equivalent of recoverable reserves.

British multinational oil and gas company Shell Plc has contracted Northern Ocean’s Deepsea Bollsta to carry out drilling offshore Namibia under a 12-month contract.

Increased oil exploration in Namibia comes after more N$30 billion has been invested by oil companies since independence towards exploration, according to the Namibia Petroleum Operators Association.-The Brief/ moneyweb

author avatar
editor
See Full Bio
Share391Tweet245

Related Posts

Golden Deeps raises N$39 million to fast-track Otavi exploration
Mining

Golden Deeps raises N$39 million to fast-track Otavi exploration

  Golden Deeps Limited has raised N$39 million (A$3.54 million) through an oversubscribed capital placement, providing a significant boost to...

October 17, 2025
Baker Hughes strengthens local participation in Namibia’s oil and gas sector
Oil & Gas

Baker Hughes strengthens local participation in Namibia’s oil and gas sector

  Baker Hughes is working with Namibian stakeholders to strengthen local participation in the oil and gas sector ahead of...

October 17, 2025

Recommended

NAMDIA unfazed by synthetic diamonds

NAMDIA unfazed by synthetic diamonds

2 years ago
SPS invests N$300m in renewable energy projects across Namibia

SPS invests N$300m in renewable energy projects across Namibia

3 weeks ago
Load More

Newsletter

Black transparent logo for dark mode

About Us

The Namibia Mining and Energy website is a comprehensive online platform dedicated to showcasing Namibia's mining and energy sectors

Categories

  • Copper
  • Diamonds
  • Energy
  • Gold
  • Green Hydrogen
  • Lithium
  • Mining
  • Namibia
  • News
  • Oil & Gas
  • Opinions
  • Tin
  • Uranium
  • Zinc

Get in touch

Email:newsdesk@miningandenergy.com.na

© 2024 Mining and Energy | All Rights Reserved. The Namibia Mining and Energy website is a comprehensive online platform dedicated to showcasing Namibia's mining and energy sectors.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Diamonds
  • Oil & Gas
  • Uranium
  • Green Hydrogen
  • Gold
  • Lithium
  • Energy
  • Copper
  • Zinc

© 2024 Mining and Energy | All Rights Reserved. The Namibia Mining and Energy website is a comprehensive online platform dedicated to showcasing Namibia's mining and energy sectors.