OPEC Secretary General Haitham Al Ghais expressed that the organization is excited about a future potential partnership with Namibia during the Namibia International Energy Conference (NIEC) – taking place in Windhoek, Namibia, this week. The country is preparing for first oil production from offshore finds by 2030, with development and appraisal programs currently underway. With offshore production, Namibia stands to become the fourth largest producer in Africa.
“My message is that OPEC stands ready to support Namibia in this exciting new chapter in this development. We would be happy to intensify cooperation with Namibia across a broad range of fronts. We are excited about a future potential partnership between OPEC and Namibia and encourage future investors to look at Namibia and the abundant potential there,” stated Al Ghais.
Substantial oil and gas discoveries have been made in the offshore Orange Basin since 2022, with the most recent including Shell’s Enigma-1X find and Galp’s Mopane discovery – both made this year. While billions of barrels are expected to become commercially available in the Orange Basin following ongoing drilling campaigns, these discoveries have only “scratched the surface of the country’s hydrocarbon basins,” Al Ghais said.
With first production on the horizon, Namibia is poised to play a critical role in meeting the rising demand for oil – both in Namibia and globally. Speaking during NIEC 2024, OPEC’s Head of Energy Studies Department Dr. Abderrezak Benyoucef explained that global oil demand is on the rise, led by population growth and the expansion of various industries.
“Global population is set to rise from 8 billion in 2022 to 9.5 billion in 2045, driven by non-OECD. We see that the working age and urbanization will increase – which means we need more power and more energy. We see that oil will retain the largest share of the energy mix by 2045. Transportation will be lead [by] oil demand increase followed by petrochemicals. Africa needs to increase its capacity by more than three million barrels per day [to meet demand],” Benyoucef stated.
In this scenario, Al Ghais believes that “Namibian energy will be essential,” and that, “the full potential of Namibia’s natural resources can only be realized with adequate levels of investment. This is a priority that OPEC shares.”
Energy Capital & Power is a media partner of NIEC – taking place in Windhoek on April 23-25, 2024. The 6th annual conference unites industry leaders, business executives and policymakers to engage in dialogue, exchange ideas, create new partnerships and identify strategies to foster a prosperous energy industry in Namibia and beyond. For more information, please visit https://www.nieconference.com/.
