Haitham Al Ghais, Secretary General (SG) of the Organisation of Petroleum Exporting Countries (OPEC), is expected to deliver an address and share insight into global oil trends at the upcoming Namibian International Energy Conference (NIEC) in Windhoek during April. The SG is set to be joined by an OPEC delegation which will lead technical discussions around the outlook for oil, and the potential role Namibia plays in the global market.
Namibia is on track to produce its first oil from offshore discoveries by 2030, and the country is getting ready to take on a more prominent role in global supply chains. Offshore discoveries and onshore exploration efforts are expected to transform the domestic economy, while establishing new export chains for both regional and international consumers. During NIEC 2024, the OPEC delegation is scheduled to present the organisation’s World Oil Outlook, sharing insight into ongoing developments, future expectations, and efforts to create market stability.
Discoveries made by energy majors TotalEnergies, Shell and QatarEnergy in 2022 and 2023 opened the Orange Basin, with recent drilling success further highlighting the potential for billion-barrel deposits in Namibia.
Multinational energy corporation Galp also made two discoveries at the Mopane-1X well in 2024, while TotalEnergies announced its second Orange Basin find, with hydrocarbon intervals revealed at the Mangetti-1X well this year.
Since 2022, Shell has made discoveries at the Jonker-1; La Rona; and Graff-1 wells – expected to hold as much as 1.7 billion barrels in total – while drilling at the Lesedi-1 well in 2023 confirmed the presence of hydrocarbons. Going forward, exploration in both offshore and onshore basins is set to yield positive results, further underscoring Namibia’s position as a frontier contender.
Offshore, Galp has proceeded to spud the Mopane-2x well, while energy major Chevron expects to spud its first well in PEL 90 in 2024. Exploration and production companies are also making strides onshore. Independent oil and gas company ReconAfrica plans to start drilling in the Kavango Basin this year.
Correspondingly, exploration company 88 Energy plans to kickstart exploration in Namibia’s PEL 83, having recently acquired a 45% non-operated interest in the asset.
“OPEC’s participation during NIEC 2024 further underscores the organisation’s commitment to improving the oil market for up-and-coming producers such as Namibia.
Taking place from 23 to 25 April here, the sixth edition of NIEC 2024 will connect foreign investors to Namibian energy projects. With the participation of project operators, investors and Namibian energy leaders, the event will provide an update on ongoing developments, regulatory reform and upcoming opportunities,” read a statement from the conference organisers.
This is an influential event which brings together policymakers, energy stakeholders, investors and international partners to foster industry growth.
Now in its sixth edition, the NIEC aims to highlight Namibia’s position as a prime investment decision.
The African Energy Chamber is a strategic partner, and has fully endorsed NIEC 2024.