Namibia's exploration drive goes on despite setbacks
Drilling success remains elusive, but Namibia’s offshore is on the map once more for explorers
Namibia has no proven oil reserves, having been largely shunned by regional explorers over the years in favour of better-established hydrocarbons plays, such as its neighbour Angola. But the impact of a higher oil price and lower drilling costs means Namibia's upstream is finally getting some serious attention from drillers. ExxonMobil recently expanded its presence in offshore Namibia, agreeing in August to acquire a 30% stake in petroleum exploration license 44 (PEL 44), in the Walvis Basin offshore from Azinam, subject to final government and regulatory approvals. "It provides verification of our belief in the prospectivity in this region and importantly also confirms the significant sc
Also in this section
21 February 2025
While large-scale planned LNG schemes in sub-Saharan Africa have faced fresh problems, FLNG projects are stepping into that space
20 February 2025
Greater social mobility means increased global demand for refined fuels and petrochemical products, with Asia leading the way in the expansion of refining capacity
19 February 2025
The EU would do well to ease its gas storage requirements to avoid heavy purchase costs this summer, with the targets having created market distortion while giving sellers a significant advantage over buyers
18 February 2025
Deliveries to China decline by around 1m b/d from move to curb crude exports to Shandong port, putting Iran under further economic pressure
