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Namibia aims for first-ever oil output by 2026 after Shell discovery -Breaking


© Reuters. FILEPHOTO: A Shell London station is adorned with the Royal Dutch Shell Logo on January 31 2008. REUTERS/Toby Melville/File photo

Ron Bousso and Wendell Roelf

CAPE TOWN (Reuters). Namibia aims to accelerate the development its first oilfield, which will have production in 2026. This is following a Shell significant offshore discovery. (LON. ), a senior official with Shell told Reuters.

Shell Friday stated that the offshore exploration of southern Africa’s country showed “encouraging” results, with the discovery of a functioning petroleum system and light oil.

“If this is possible within four years, that would be very good for us,” Maggy Shino from the Ministry of Mines and Energy said. This was the first time that the government has made official statements since Shell’s announcement.

Shell’s Graff-1 well, which was deep off the coast in more than 5kilometres of water, was dug by Shell.

Shino stated that it was premature to estimate the volumes of oil discovered at Graff-1 or whether this new discovery is sufficient for a separate project.

TotalEnergies currently drills a second well called Venus in a block nearby.

She said, “Give me enough time, and we will be able be able access enough data by May or June to be confidently able let you know the amount we are discussing here.”

Shell has not provided details regarding the estimated size of this resource.

Shell has a 45% interest in Petroleum Exploration License 39 39 (PEL 39), the area where the well lies. Qatar Energy has a 45% stake, and the National Petroleum Corporation of Namibia is responsible for the 10% remaining.

Over the past few years many companies from abroad have become interested in Namibia’s offshore potential. Exxon Mobil (NYSE:) Following discovery in South Africa and Brazil, as well as Guyana, that have geological similarities.

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