{"id":65276,"date":"2024-03-19T17:46:11","date_gmt":"2024-03-19T17:46:11","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/we-are-prepared-to-maximise-oil-benefits-mbumba"},"modified":"2024-03-19T18:29:32","modified_gmt":"2024-03-19T18:29:32","slug":"we-are-prepared-to-maximise-oil-benefits-mbumba","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/we-are-prepared-to-maximise-oil-benefits-mbumba","title":{"rendered":"We are prepared to maximise oil benefits – Mbumba"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>More exploratory drilling in the Orange Basin off the Namibian coast has uncovered another significant column of light oil reservoirs of high quality.<\/p>\n

These, and a surge significant oil discoveries in the same vicinity, has caused Namibia to prepare for the potential economic benefits to be derived from recoverable oil reserves in the oil-rich Walvis and Orange basins, where international oil companies have escalated exploration efforts, thereby increasing Namibia\u2019s potential as an oil-producing country.<\/p>\n

During last week\u2019s State of the Nation address, President Nangolo Mbumba emphasised the significance of the oil discoveries. He said he hopes the development of oil, gas and green hydrogen will bring the country economic growth, employment and prosperity.<\/p>\n

\u201cWe are prepared for this opportunity through a robust local content regime, a ready sovereign wealth fund, and various other measures to maximise the impact and benefits of oil,\u201d said Mbumba.<\/p>\n

Meanwhile, the most recent oil discovery was confirmed by the National Petroleum Corporation of Namibia (Namcor), which holds 10% carried interest, in conjunction with its partners, Galp Energia (80% operator) and Custos (10%), in the Mopane-2X exploration well, which has been drilled to its designated depth in the licence area (PEL 83).<\/p>\n

\u201cDrilling encountered the AVO-3 exploration target, the AVO-1 appraisal target, and a deeper target were fully cored and logged. The AVO-1 appraisal target found the same pressure regime as in the Mopane-1X discovery well located around 8 km to the east, confirming its lateral extension.<\/p>\n

The rig will now return to the Mopane-1X well location to conduct a DST (drill stem test),\u201d Namcor stated.<\/p>\n

The corporation added that stakeholders will continue to analyse acquired Galp data during the coming weeks to assess the commerciality of the discoveries, and will update its partners as well as the public in due course.<\/p>\n

Upbeat at the unfolding developments, Namcor\u2019s interim managing director Ebson Uanguta reaffirmed the company\u2019s commitment to realising Namibia\u2019s upstream potential. \u201cNamcor remains committed to its mission of exploring and responsibly developing Namibia\u2019s petroleum resources, and this discovery is a testament to the organisation\u2019s dedication and expertise,\u201d he enthused.<\/p>\n

Moreover, TotalEnergies and Shell are the two supermajors driving Namibia\u2019s ambitions as an oil and gas producer, after their vast discoveries in the Orange Basin in 2022. TotalEnergies spent 50% of its exploration budget for 2023 in Namibia, and is expected to spend about 30% of its US$1 billion exploration and appraisal budget here in 2024.<\/p>\n

After reports of an oil find at its Mangetti well, which is situated just north of the Venus well discovery, TotalEnergies stated in February that it had found \u201csome hydrocarbons\u201d, but added that it was \u201cnot huge\u201d.<\/p>\n

Despite this announcement, the French company still went ahead and entered into a joint venture with Vantage Drilling International for US$199 million (more than N$3.7 billion). This move saw TotalEnergies obtain a 75% stake in the Tungsten Explorer drillship that was being used to drill the Mangetti well.<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. More exploratory drilling in the Orange Basin off the Namibian coast has uncovered another significant column of light oil reservoirs of high quality. These, and a surge significant oil discoveries in the same vicinity, has caused Namibia to prepare for the potential economic benefits to be derived from recoverable oil reserves in […]<\/p>\n","protected":false},"author":84,"featured_media":65275,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,236,233],"class_list":["post-65276","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nWe are prepared to maximise oil benefits - Mbumba - Namibia<\/title>\n<meta name=\"description\" content=\"More exploratory drilling in the Orange Basin off the Namibian coast has uncovered another significant column of light o ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/we-are-prepared-to-maximise-oil-benefits-mbumba\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"We are prepared to maximise oil benefits - 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