Namcor, Namibia’s state-owned oil company, revealed on Wednesday preliminary data from several oil wells discovered offshore the country. And they seem promising, since according to the company, they “could almost double the country’s GDP by 2040”.
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The biggest discoveries were made by TotalEnergies and Shell. Over the past two years, these hydrocarbon giants have discovered three oil wells off the coast of Namibia, each containing several billion barrels of oil.
According to NAMCOR’s presentation, a copy of which was seen by Reuters on Wednesday, TotalEnergies’ Venus-1X well contains about 5.1 billion barrels of oil, while Shell’s Graff-1X and Jonker-1X contain 5.1 billion barrels of oil, respectively. 2.38 billion and 2.5 billion. Other companies like Chevron, ExxonMobil or Galp Energia are also carrying out explorations.
So many discoveries which, according to Namcor quoted by the Reuters agency, could place the country in the top 15 oil producers by 2035. Thus, this could increase its GDP to 37 billion dollars in 2040 against a just over 12 billion last year.
A feat all the more astonishing as the country has not yet produced either oil or gas.
Namcor, which holds a 10% stake in the discoveries, said it will take until the end of the year to obtain a final assessment of the reserves.