IN a bid to bolster its ranks amidst recent departures, the OPEC+ oil producers group is actively considering Namibia for potential membership, aiming to harness the country’s burgeoning oil potential, according to sources within the African energy industry.
Recent discoveries estimated at a staggering 2.6 billion barrels by major players like TotalEnergies and Shell have positioned Namibia as a significant contender in Africa’s oil landscape, setting the stage for what could become the continent’s fourth-largest oil output by the next decade.
‘The potential for Namibia to join the OPEC+ alliance is significant,’ remarked NJ Ayuk, Executive Chairman of the African Energy Chamber, an organisation facilitating discussions between Namibian authorities and OPEC. Ayuk emphasised that while talks are ongoing, the outcome remains uncertain.
OPEC’s Secretary-general, Haitham Al Ghais, hinted at ongoing discussions with several nations regarding membership in the Charter of Cooperation, an entity engaging in long-term energy market dialogues. Namibia’s potential involvement was underscored during a meeting between Al Ghais and Namibian Minister of Mines and Energy, Tom Alweendo, at a conference in Nigeria.
Last year, Namibian Petroleum Commissioner Maggy Shino expressed interest in joining the OPEC ‘family.’ However, Minister Alweendo clarified in March that OPEC membership wasn’t currently on the cards, indicating that Namibia would only consider such a move after commencing oil production.
Despite the initial hesitance, talks between OPEC and Namibian officials are slated to continue later this month. OPEC’s Al Ghais is scheduled to address an energy conference in Namibia, signalling ongoing efforts to deepen cooperation.
According to Pranav Joshi of energy consultancy Rystad Energy, Namibia’s oil discoveries could potentially yield a peak production capacity of 700,000 barrels per day by the next decade, although this pales in comparison to Angola’s current output. Nevertheless, Joshi emphasised the potential for Namibia’s production figures to surge with further exploration successes.
Angola’s exit from OPEC in December over production disagreements highlights the shifting dynamics within OPEC+ and underscores the importance of new entrants like Namibia in shaping the organisation’s future trajectory.
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