Namibia’s state-owned oil company NAMCOR, in partnership with Shell and QatarEnergy, has announced its third oil discovery in the Jonker-1X deepwater exploration well in the Orange Basin offshore southern Namibia.
The discovery holds significant potential for Namibia, which could become another oil producer along the African Atlantic coast. NAMCOR’s managing director, Immanuel Mulunga, expressed his delight in the discovery, following the success of the Graff-1X and Venus-1X discoveries by Shell and TotalEnergies in 2022.
The data acquired from the well is under evaluation, and further appraisal drilling is planned to determine the size and potential of the discovery. The joint venture partners include Shell Namibia B.V and QatarEnergy, each holding a 45% stake, while state-owned NAMCOR has 10%.
Namibia has been actively exploring for oil and gas deposits in recent years, and this latest discovery could potentially boost the country’s economy by adding another source of revenue. The Jonker-1X well is located in the Orange Basin, which is known to contain significant hydrocarbon resources.
Namibia’s government has been pushing for increased exploration activities to develop the country’s hydrocarbon industry and reduce its dependence on imported fuel. The country currently imports more than 90% of its petroleum products, making it vulnerable to price fluctuations and supply disruptions.
NAMCOR, which is the sole holder of Namibia’s petroleum exploration and production licenses, has been working with international oil companies to explore the country’s offshore areas. The company has partnered with Shell and QatarEnergy for the Jonker-1X well, and both companies hold a 45% stake in the joint venture.
Namibia’s oil and gas sector has been attracting interest from foreign investors, with several multinational companies setting up exploration operations in the country. The government has also been offering incentives and tax breaks to encourage further exploration activities.
The success of the Jonker-1X well could further boost investor confidence in Namibia’s oil and gas sector and lead to further exploration activities. The country’s potential as an oil and gas producer could also have wider implications for the region, as other countries along the African Atlantic coast may also explore for hydrocarbons in the area.