OPEC excited about Namibia partnership, offers support (updated)

Eco (Atlantic) Oil & Gas

24/04/2024 09:46

(Adds further OPEC quote in paragraph 3, context from paragraph
6)
    By Wendell Roelf
       WINDHOEK, April 24 (Reuters) - The Organization of the
Petroleum Exporting Countries (OPEC) is excited about a
potential partnership with Namibia and ready to support the
southern African country in its oil journey, OPEC Secretary
General Haitham Al Ghais said on Wednesday.
    The OPEC+ oil producers' group, having lost Angola and other
players in recent years, is looking at Namibia for possible
membership as it aims to start pumping oil by the next decade
following a string of big discoveries.
    "We are excited about the potential of the Namibian OPEC
partnership and stand ready to offer support at this crucial
juncture," Al Ghais said in a pre-recorded message at an
international energy conference in Namibia. 
    "We are enthused by the discoveries in Namibia. Namibian oil
and energy will be essential to meeting future demand." 
    TotalEnergies  TTEF.PA  and Shell  SHEL.L  in recent years
have made discoveries estimated at 2.6 billion barrels, setting
the stage for the southern African country to plan production
from about 2030.
    Sources told Reuters earlier this month the initial focus
for OPEC+ - the wider grouping that includes Russia - would be
to see Namibia join its Charter of Cooperation, a group that
engages in longer-term dialogue about energy markets and does
not decide on output policy. OPEC did not comment at the time.
    In addition to Total and Shell, firms including Chevron
 CVX.N , Rhino Resources, Eco Atlantic Oil & Gas and Galp
Energia  GALP.LS  are conducting exploration and appraisal
activities.
    "We encourage potential investors to look at Namibia and the
abundance of possibilities here," OPEC's Al Ghais said.
    Based on the existing discoveries, Namibia is looking at
700,000 barrels per day (bpd) of peak production capacity by the
next decade, according to energy consultancy Rystad Energy.
    That is smaller than Angola's output of about 1.1 million
bpd, although Rystad noted Namibia's number could rise with more
successful exploration. Angola quit OPEC in December last year
in a dispute over output quotas.

 (Reporting by Wendell Roelf; Writing by Nellie Peyton and Alex
Lawler; Editing by Alexander Winning and Emelia
Sithole-Matarise)
 ((nellie.peyton@thomsonreuters.com))