Namibia Emerges as a New Frontier for Global Oil Giants [Yahoo! Finance]
Exxon Mobil Corporation (XOM)
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Source: Yahoo! Finance
Namibia's Untapped Potential Namibia has garnered attention following several major offshore discoveries, particularly in the Orange Basin and other promising areas such as the Luderitz, Kavango and Walvis basins. Notably, oil majors like TotalEnergies TTE and Shell plc SHEL have identified reserves of approximately 2.6 billion barrels, with the first production expected around 2030. OPEC's Interest and Namibia's Future The Organization of the Petroleum Exporting Countries (OPEC) expressed keen interest in partnering with Namibia earlier this year, in April, offering support as the country embarks on its oil exploration journey. OPEC's secretary general, Haitham Al Ghais, emphasized the potential of Namibian oil to meet future demand, signaling a possible future membership for Namibia in OPEC+. This partnership could provide Namibia with valuable expertise and support, further accelerating its path to becoming a significant oil producer. It is estimated that Namibia could ach
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