OPEC Pledges Support for Namibia's Oil Ambitions, Potential Membership

OPEC Secretary-General Haitham Al Ghais announced at a conference in Windhoek that the oil cartel is enthusiastically supporting Namibia's potential to become a major crude oil producer, potentially leading to the country joining OPEC. Al Ghais expressed OPEC's excitement about a potential partnership with Namibia and its readiness to provide full support in the country's oil journey.

Namibia has emerged as a new oil frontier with significant discoveries by major companies like TotalEnergies, Shell, and Galp Energia. Based on existing finds, Namibia is looking at a peak production capacity of 700,000 barrels per day by the next decade, which could make it Africa's fourth-largest oil producer. "Namibian oil and energy will be vital to meeting future demand," Al Ghais stated.

Why this matters: Namibia's oil prospects are seen as a critical boost for OPEC+, a wider group that includes Russia, as the country aims to join the Charter of Cooperation to facilitate long-term discussions about energy markets. Namibia's potential membership would help offset the recent withdrawal of Angola from OPEC.

OPEC is encouraging potential investors to explore the abundant possibilities in Namibia's oil sector. The initial focus for OPEC would be to see Namibia join its Charter of Cooperation, which engages in longer-term dialogue about energy markets. Al Ghais highlighted that global oil demand is projected to reach 116 million barrels a day by 2045, and Namibia's role will be vital in meeting this future demand.

While Namibia's oil prospects are generating optimism, environmental concerns about the impact of large-scale oil production remain. Energy experts predict Namibia could reach a peak production capacity smaller than Angola's current output of about 1.1 million barrels per day. As Al Ghais put it, "We are enthused by the discoveries in Namibia. OPEC is excited about a potential partnership and ready to support the country in its oil journey." says

Key Takeaways

• OPEC enthusiastically supports Namibia's potential as a major oil producer.
• Namibia could become Africa's 4th largest oil producer with 700,000 bpd by 2030.
• OPEC aims for Namibia to join its Charter of Cooperation to discuss energy markets.
• Namibia's oil prospects could offset Angola's recent withdrawal from OPEC.
• Environmental concerns remain about the impact of large-scale oil production in Namibia.