Namibia’s Minister of Mines and Energy revealed that TotalEnergies and Shell are likely to have discovered offshore oil and gas reserves in commercial quantities, potentially totaling billions of barrels.
Both companies previously announced “significant” discoveries offshore Namibia earlier this year and are currently assessing the findings.
While specific quantities were not disclosed, a Reuters source suggested that Total’s discovery exceeds 1 billion barrels of oil equivalent.
These discoveries could position Namibia as the latest oil producer along the African Atlantic coast, neighboring OPEC member Angola.
Minister Tom Alweendo stated at an oil conference in Dakar, Senegal, that the companies are cautious but have indicated the presence of commercial quantities in billions of barrels.
They are currently drilling their second and third wells, with appraisals and estimated figures expected by the end of the year.
Alweendo further mentioned that both firms are keen to accelerate production, with plans to commence within four years.
This timeline was mutually agreed upon, reflecting the companies’ eagerness rather than government imposition.