Expected amount of offshore oil discoveries in Namibia to be 11 billion barrels

Mines and Energy Minister Isak Katali revealed a groundbreaking discovery of approximately 11 billion barrels in oil reserves off the coast of Namibia. This momentous find is poised to revolutionize the nation's energy sector, with initial production slated to commence within the next four years.

Namibia's newfound oil wealth has the potential to catapult the country onto the global energy stage, on par with neighbouring Angola, which boasts estimated reserves of approximately 13 billion barrels. Furthermore, Angola's oil production competes with Nigeria, Africa's leading oil producer. The discovery was made by Enigma Oil & Gas, a company owned by London-listed Chariot Oil & Gas. Enigma has identified 11 promising prospects along Namibia's southern coast. In a strategic partnership, Enigma shares a 50% stake in the offshore Southern Block with Brazil's Petrobras, solidifying the international cooperation in harnessing these newfound resources.

Notably, HRT Oil & Gas Ltd, another Brazilian company, recently raised an impressive $1.3 billion on the Brazilian stock market, with $300 million earmarked for oil and gas exploration in Namibia. HRT has certified the potential presence of around 5.2 billion barrels of oil reserves. This transformative discovery positions offshore Namibia to become a significant player in oil and gas production in a relatively short time.

Mines and Energy Minister Katali went on to inform the Parliament that HRT is planning to commence drilling in the region as early as next year, with three to four wells on the horizon. This proactive approach is set to expedite the country's journey toward energy self-sufficiency. “The largest of these, the Nimrod Prospect in 350 meters (1,150 feet) depth, and most likely reserves in the event of success are estimated to be greater than four billion barrels,” he told parliament. “We expect that six to eight wells to be drilled in Namibia’s waters in the next 18 months, the highest number in Namibia’s exploration history,” he added.

Namibia's central coast is also home to another promising find known as the Delta Prospect. This area, explored by Arcadia Expro Namibia in collaboration with the British firm Tower Resources, is estimated to contain recoverable resources of up to two billion barrels of oil. These developments further solidify Namibia's status as an emerging and exciting player in the global oil industry. For years, Namibia has been identified as a potential source of oil, but the extent of its reserves remained largely unknown due to limited exploration efforts. The offshore geology of Namibia shares similarities with Brazil, a nation that is currently experiencing a significant oil boom. This newfound wealth promises to reshape Namibia's economic landscape, enhance its energy security, and potentially position it as a key contributor to the global oil market.