namibia oil discoveries totalenergies shell

Oil and gas discoveries off Namibia by TotalEnergies and Shell represent commercial quantities, likely in the billions of barrels, Namibian Minister of Mines and Energy Tom Alweendo said on Friday.

The two majors announced earlier this year that they had made “significant” discoveries off Namibia and were currently carrying out assessments.

The two multinationals, however, did not give details on the quantities discovered, but a source told Reuters that the discovery of Total would represent more than a billion barrels of oil equivalent.

These discoveries could make Namibia, a southern neighbor of OPEC member Angola, the last oil producer on the African Atlantic coast.

Companies remain cautious, but have advanced commercial quantities estimated at billions of barrels “, told Reuters the Namibian minister, on the sidelines of a conference on oil organized last Thursday in Dakar, Senegal.

Before committing to a production investment, they essentially want to be sure of the exact quantities that exist “Alweendo said. The minister added that the two companies are in the process of drilling their second and third wells and that by the end of the year they will have completed the assessments and will have estimated figures.

Both companies want to speed up the production process and both have indicated that they could start production in four years. It’s not something that we imposed, but that we discussed “, he confided.

TotalEnergies has been present in Namibia since 1964 in the distribution and storage of products, and since 2017, in oil exploration. Last February, the French group made a significant discovery of light oil and associated gas on the Venus prospect, located on block 2913B in the Orange basin, offshore the country.