Namibia oil exports could underpin new tanker trade by 2030

In its latest market report, New York-based Poten & Partners reveals that some analysts have compared Namibia’s energy export potential to that of Guyana, a South American country currently undergoing an energy-based economic transformation. .

Oil companies such as Shell, TotalEnergies and Portugal’s Galp Energia have recently discovered oil in Namibian coastal waters. Other large energy companies, including Chevron and ExxonMobil, control offshore areas in the country, which lies between Angola and South Africa.

Marine energy development is likely to follow the Guyana model, whereby deepwater energy reserves will be developed using FPSOs. These units will likely be served by large tankers, Poten said.

The West African country, like Guyana, is not a member of OPEC. But energy production in Guyana is increasing rapidly. Current production in Guyana is about 600,000 barrels per day, according to Poten estimates, mostly shipped to markets in Europe and Asia. The broker believes Namibia could follow a similar trajectory.

There are currently four drilling rigs working in Namibian coastal waters. However, based on current discoveries, the African country could produce 500,000 barrels per day of crude oil in the next decade and double that volume in the long term.

Namibia and other West African countries, including Angola and Nigeria, have geologies similar to those of the east coast of South America. In fact, experts believe that the two regions were once part of one land mass: they believe the two regions separated quite some time ago: more than 140 million years ago.

St John Shopon

Us News Update

Namibia oil exports could underpin new tanker trade by 2030