By YANGE IKYAA
The recent discovery of sizeable quantities of oil in Namibia by Shell and similar finds elsewhere in the country have spiked investor interest in the nation’s petroleum sector.
Consequently, Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons from Equatorial Guinea, has accepted an invitation from Tom Alweendo, Minister of Mines and Energy in Namibia to attend the fourth edition of the Namibia International Energy Conference. Organized by Rich Africa Consultancy, under the patronage of the Namibian Ministry of Mines and Energy, the conference will take place from April 20 to 22 in Windhoek, the nation’s capital.
Under the theme ‘The Energy Mix: Positioning for Investment, Industrialization and Growth,” the Namibia International Energy Conference 2022 will unite regional energy leaders and international financiers for two days of dialogue and networking. Recognized as the country’s official thought leadership event, the conference is committed to driving industry growth and development across the country.
As demand for consistent energy sources increases across the country, Namibia says it is committed to driving progress within its future oil and gas sector. With approximately 11 billion barrels of oil reserves and over 2.2 tcf of proven gas reserves, the country has attracted the attention of a number of IOCs. The most notable include Shell, TotalEnergies, ReconAfrica, and QatarEnergy.
These companies have made significant progress within one of Africa’s final frontiers. Notably, Shell recently announced a significant discovery of light oil in the Graff-1 well; ReconAfrica’s drilling campaigns onshore have, so far, revealed a working petroleum system onshore in the Kavango Basin; while in December 2021, TotalEnergies commenced drilling on the ultra-deepwater Venus-1X exploration well offshore; and other IOCs have continued with their own exploration campaigns.
With recent sizeable discoveries made by Shell, as well as ongoing drilling campaigns by Reconnaissance Africa, coupled with new explorers demonstrating an interest in Namibia’s high potential oil and gas market, the country says it is ready to welcome investors into its diverse energy sector.
Relying on petroleum imports for a significant portion of its energy supply, the country is focused on establishing domestic supply chains so as to ensure energy security. By accelerating exploration and production, particularly through international oil company (IOC) participation, Namibia is committed to its energy future and plans to emphasize this at the conference.
During the event, Lima will share insights, discuss strategies, and collaboratively work on establishing a competitive oil and gas sector in Namibia. Equatorial Guinea represents an ideal partner on this front, as one of Africa’s top oil and gas destinations, and will be a valuable asset for Namibia as it moves to drive development across its oil and gas sector.
Leading a strong delegation of Equatorial Guinean industry leaders and national oil companies to Namibia – all eager to collaborate with local Namibian companies to boost the local industry– Lima will drive a strong oil and gas narrative at the conference. In addition to promoting local company collaboration, the minister will emphasize the role of IOCs in driving energy sector growth.
As Namibia pursues the monetization of its oil and gas resources, Equatorial Guinea, as an expert in this area, will be able to share knowledge, expertise and solutions for the development of oil and gas projects, such as the Kudu Gas Field, which is estimated to contain 1.3 tcf of gas, and the recent oil discovery by Shell in the offshore Graff-1 Well.
Equatorial Guinea has been highly effective, particularly regarding gas monetization and will be able to offer insight into strategies. Accordingly, the West African country has also emerged as the ideal partner for Namibia, and the minister will lead his delegation to Namibia to demonstrate this.
“Namibia is an exciting market with amazing potential, as one of Africa’s latest countries to announce discoveries, it is incumbent upon us to bond together and share our mistakes, success and experiences. When we learn from each other we can do better,” said Lima.
“I am honored to have been invited by the Minister, my brother and friend, H.E. Tom Aweendo, and I look forward to joining the oil industry in Namibia to support the country and its oil companies and local companies as they work through this journey,” he added.
Namibia’s energy supply largely consists of imported petroleum, hydropower and solar– demonstrating significant expansion potential. Geographically similar to other resource rich basins along the west African coast, the country is likely to contain significant oil and gas deposits as seen in neighboring countries such as Angola.