Energy – News Stand

25 Feb

More oil discovered in Namibia’s Orange Basin

info_e12wt4csEnergy, Observer Money

Niël Terblanché Custos Energy (Pty) Ltd. has reported a successful second exploration and appraisal campaign in the Orange Basin, specifically in blocks 2813A and 2814B on Tuesday These blocks, governed by Petroleum Exploration License 83 (PEL 83), are operated by a subsidiary of Galp Energia, SGPS, S.A., with Custos and the National Petroleum Corporation of Namibia (NAMCOR) each holding a 10% working interest. The chief executive officer of Custos Energy, Knowledge Katti, announced that the PEL 83 Joint Venture partners have successfully drilled, cored, and logged the Mopane-3X well, which commenced on 2 January 2025. Located 18 kilometers from the…

09 Jan

Shell fires warning shots

info_e12wt4csEnergy, Featured, Observer Money

EKKEHARD FRIEDRICH Today Shell wrote down their reserves in PEL39 offshore Namibia by USD 400m stating that it can not be commercially developed. Warning shots have been fired. With inaction to commit to developing adequate onshore support infrastructure, the generally slow administrative pace, and uncertain (and increasingly restrictive) policies, the cost of development of Namibia’s intricate ultra-deep offshore fields becomes increasingly prohibitive (which of course decreases the net present value of the reserves and leads to write-downs). Let us be clear, Namibia’s offshore fields are extremely challenging in the first place and there is a very real risk that oil…

01 Dec

Custos Energy achieves milestone in Orange Basin oil exploration

info_e12wt4csEnergy, National News

Allexer Namundjembo Custos Energy (Pty) Ltd has announced another milestone in its oil exploration and appraisal campaign on Blocks 2813A and 2814B, situated in the Orange Basin. The Orange Basin, recognised as one of the world’s most promising oil and gas frontiers, continues to unveil its vast potential. Walvis Bay-born businessman Knowledge Katti, who is the chairman and CEO of Custos, expressed the company’s enthusiasm about the findings. “The continuing progress on PEL 83, including the results from the Mopane-1A appraisal well, further unveil the potential and quality of the Mopane complex,” he said. The well was spud on October…

21 Nov

Uranium demand to increase

info_e12wt4csEnergy, Observer Money

CHAMWE KAIRA Australia-based uranium production company Deep Yellow, which has forecast that the world’s uranium requirements in the late 2030s and early 2040s will reach between 250 million pounds of uranium oxide and 300 million pounds. In 2023, global production was 150 million pounds. Deep Yellow is developing the Tumas project in the Erongo Region. Managing director John Borshoff noted that there have been no new production mines around the world, despite the spot price ranging from $78 to $106 per pound. He further pointed out that the political situation in Russia, Niger and Kazakhstan presents supply growth uncertainty. In…

07 Nov

Oil discoveries throw Namibia into spotlight

info_e12wt4csEnergy, Observer Money

CHAMWE KAIRA The recently discovered oil fields offshore Namibia could potentially be one of the last big oil and gas discoveries in the world. Laurent Ruseckas, executive director, gas industry, Europe, the Middle East and Africa at S&P Global told Observer Money that Namibia maybe the last oil and gas giant find to be discovered. Namibia has become an oil exploration hotspot after several discoveries by oil majors including Shell and Total estimated at 2.6 billion barrels. He added that large fields are economic to manage because the unit prices are low. Ruseckas is a specialist on gas markets, gas…

04 Nov

Africa Oil moves with Venus development

info_e12wt4csEnergy, Observer MoneyFarm Down, Roger Tucker, TotalEnergies EP Namibia project

Ester Mbathera Africa Oil Corp. announced the completion of a strategic farmdown by its investee company, Impact Oil & Gas, in Blocks 2912 and 2913B, known as the Farm Down to TotalEnergies EP Namibia project. The company announced last week that Impact received approximately USD 99 million and retains a 9.5% interest, benefiting from a carry loan to cover remaining costs until the first oil production. Africa Oil president and chief executive, Roger Tucker, said the Farm Down allows the company to retain a funded interest in the Venus development project that is expected to add significant reserves and production…

27 Oct

Green hydrogen revolution driven by strong partnerships

info_e12wt4csEnergy, Observer MoneyGreen Industrialisation Blueprint

Niël Terblanché Namibia’s ambition to lead Africa’s energy transition, aligning with its Green Industrialisation Blueprint has taken another step forward with the visit by Lei Zhang, founder of Envision last week. Collaboration with Envision, a global leader in renewable energy established in China, will boost Namibia on its journey towards becoming a key player in green industrialisation. Zhang met with government officials to explore opportunities to position the country as a major hub for green hydrogen production. During his visit, Zhang engaged with key figures such as Obeth Kandjoze, chair of the Green Hydrogen Council, and Lucia Iipumbu, minister of…

23 Oct

Namibia’s oil industry set for major growth by 2025

info_e12wt4csEnergy, Observer MoneyFinal Investment Decision, Graff-1X well

Oliver Diggle Since Shell's 2022 oil discovery at the Graff-1X well, the Namibia oil sector has gained significant international attention. The prospect of the new industry providing significant local content opportunities and in generating substantial government revenue has provided a degree of hope to a stumbling economy. The probability of ever reaching first oil in a market-enabling economic and judicial state has constantly been debated. However, as more information comes to light, that probably is becoming ever more likely. 2025 is expected to be pivotal for offshore drilling in Namibia, with over a dozen wells planned by companies such as…

23 Oct

Nuclear science and technology conference aims to unlock development potential

info_e12wt4csEnergy, Observer MoneyAfrican nuclear landscape, International Atomic Energy Agency (IAEA)

Niël Terblanché Namibia aims to position itself as a key player in the African nuclear landscape while exploring the potential of the latest technology to find sustainable solutions to the country’s energy needs to support industrial growth and environmental sustainability The Second Nuclear Science and Technology Conference commenced in Swakopmund on Wednesday and brought together experts, policymakers, and international stakeholders to discuss the role of nuclear science in Namibia’s development. The event has attracted international experts from the International Atomic Energy Agency (IAEA) and various African nations. The conference, themed “Unlocking the Potential of Nuclear Science and Technology for Namibia’s…

17 Oct

NASRIA eyes oil and gas sector

info_e12wt4csEnergy, Observer Money

CHAMWE KAIRA Namibia Special Risks Insurance Association Limited (NASRIA) is exploring possibilities of tailored products that the firm can offer to the emerging oil and gas sector following discoveries in the Orange Basin, chairman Adrianus Vugs has said. The company recently handed over a dividend of N$16 million for the 2024 financial year to its sole shareholder, the government. Vugs said that the dividend handover is a testament to the collective efforts of NASRIA’s dedicated team, the guidance of the Board, and the strategic direction provided by government. “This dividend is not just a financial transaction; it represents the culmination…