Emmanuel OchayiThe Organization of Petroleum Exporting Countries (OPEC) is eyeing Namibia as a potential addition to its ranks following significant oil discoveries within the country’s borders.
With Angola and other key players slipping away, OPEC sees Namibia’s burgeoning oil industry as a strategic opportunity.
“Namibia joining OPEC could reshape the energy landscape,” remarked NJ Ayuk, Executive Chairman of the African Energy Chamber, emphasizing the potential impact of this move. Ayuk, who has been instrumental in facilitating discussions between Namibia and OPEC, believes it’s a mutually beneficial prospect.
OPEC Secretary-General, Haitham Al Ghais, hinted at ongoing discussions with various nations about joining the charter, indicating Namibia might be one of them. The prospect of collaboration was raised during a meeting between Al Ghais and Namibian Minister of Mines and Energy, Tom Alweendo.
While Alweendo acknowledged the talks, he tempered expectations, stating that Namibia isn’t yet a petroleum exporting country. “That is a consideration only after we have started to produce,” he emphasized, highlighting Namibia’s cautious approach.
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Despite Alweendo’s reservations, the energy landscape in Namibia is rapidly evolving. Total Energies and Shell have already made substantial discoveries, estimated at 2.6 billion barrels of oil, positioning Namibia to become a major oil exporter by the next decade.
“The potential is immense,” noted Pranav Joshi, an energy consultant at Rystad Energy, highlighting the estimated peak production capacity of 700,000 barrels per day by the next decade. This newfound potential has attracted the interest of not only Total and Shell but also other energy giants like Chevron, Rhino Resources, Eco Atlantic Oil and Gas, and Galp Energia, all actively exploring Namibia’s oil reserves.
As talks between Namibia and OPEC continue, the upcoming Namibian Energy Conference promises to be a significant forum for discussion. High-ranking OPEC officials are expected to attend, signaling the importance of these deliberations.
In the midst of this dialogue, Namibia finds itself at a crossroads, balancing the promise of economic prosperity against the complexities of international cooperation. The decision to join OPEC could shape Namibia’s future as an oil-producing nation and its role in the global energy market.
