from ALFRED SHILONGO in Windhoek, Namibia
WINDHOEK, (CAJ News) – NAMIBIA is accelerating international participation in its oil industry and positioning itself as an emerging energy competitor.
Namibia’s emerging energy sector – comprising approximately 11 billion barrels of oil reserves and 2,2 trillion cubic feet of proven gas reserves – has attracted significant attention from international companies and gas explorers.
This is attributed to the country’s favorable regulatory environment, and under the leadership of Minister of Mines and Energy, Tom Alweendo.
Namibia has seen an influx in upstream activities, positioning the country as one of Africa’s final frontiers for oil and gas exploration.
Government representatives, public- and private-sector industry executives and international oil companies have meanwhile committed to African Energy Week (AEW) 2021 in Cape Town, South Africa in November.
NJ Ayuk, Executive Chairman of the Africa Energy Chamber (AEC), said Namibia was committed to AEW.
“We are honored to announce the participation by government and industry leaders (of Namibia),” he said.
“Namibia represents one of the most lucrative investment destinations in Africa, with emerging oil, gas and mining industries backed by a focused and modern regulatory framework positioning the country as a global competitor in 2021 and beyond.”
A recent drilling campaign by Reconnaissance Energy Africa indicated that Namibia’s 6,3 million-acre Kavango Basin may hold billions of barrels of oil, creating the opportunity for an oil boom, driven by progressive policies and a favorable investment climate.
Additionally, Tullow Oil is exploring Namibia’s offshore basins.
ExxonMobil is also exploring.
Africa Oil Corp, operated by Total Energies, is further accelerating upstream activities.
– CAJ News