Following a series of upstream success, NAMCOR says the country is targeting first oil
production by 2029.
Namcor Acting MD Shiwana Ndeunyema and Executive for Upstream Exploration
Victoria Sibeya at the national oil company delivered presentations during the Invest in
African Energy Forum in Paris last week on the investment and partnership
opportunities available in the country.
In 2022 and 2023, Namibia witnessed three large-scale oil and gas finds by energy
majors Shell, TotalEnergies and Qatar Energy, and as such, Ndeunyema stated that
NAMCOR is “now looking at harnessing the full potential of the sector.”
The discoveries, Ndeunyema states, “will place the country as one of the top oil
producers by 2035,” while doubling Namibia’s GDP in the next ten years. As such,
NAMCOR is accelerating the development of the finds, and according to Sibeya, the
company is “talking about a fast-tracked program, if the appraisal program is a success.”
She added that, “We are targeting first oil production by 2029.”
In addition to the 2022-23 finds, Sibeya provided insight into the Kudu gas project,
stating that NAMCOR is “planning to produce 400 MW of power from gas, with
operations starting in 2026.” Sibeya shared that the pre-Front End Engineering and
Design (FEED) study has been completed, while she expects the FEED study to be
completed by Q1 2024.
Power generated from the project will be used for domestic purposes, as well as for
export to regional markets.
Meanwhile, Namibia’s investment potential transcends oil and gas, with the country
making strides towards establishing itself as a global hydrogen producer and exporter.
To this effect, Namibia-global partnerships have played a fundamental role, and as the
green market opens up even further, opportunities for bi- and multilateral partnerships
are growing.
Ndeunyema stated that NAMCOR “is in the process of establishing itself as a fully
integrated energy company,” and that they are “actively engaging in renewable energy,
green hydrogen and R&D programs. We are working on establishing three strategic
partnerships on green hydrogen. We are also looking at creating more synergies
between oil and gas and green hydrogen.”
Namibia’s frontier potential will be on display during this year’s edition of AEW 2023 –
the biggest energy event taking place on the African continent. Since the country’s 2022
discoveries, the African Energy Chamber has worked closely with the government to
secure new investment across the energy value chain. During AEW 2023, regional and
global financiers will be directly connected to these opportunities, as both Namibia and
the chamber work towards making energy poverty history on the back of oil and gas
monetisation.
