According to the publication, Namibia is searching for private investors to build new ports.
Following significant offshore oil finds, Namibia is preparing to begin its first crude production and requires significant investment to create new port infrastructure, according to a Friday Bloomberg article.
According to consulting company Wood Mackenzie, the most recent discoveries include an estimated 7 billion barrels of oil equivalent.
Oil and gas supermajors like TotalEnergies, Shell, Chevron, and ExxonMobil as well as international energy businesses like Galp and QatarEnergy have been drawn to the country of southern Africa’s Orange Basin as a result of significant discoveries made there in 2022 and 2023.
Early in March, Shell and QatarEnergy successfully completed drilling the Jonker-1X exploration property in Namibia, resulting to an increase in exploration and appraisal activities there. This was the country’s third significant oil discovery in the Orange Basin.
According to Ports Authority Chief Executive Officer Andrew Kanime, it is now seeking 40 billion Namibian dollars ($2.1 billion) in private funding to undertake a project in Walvis Bay and Luderitz that includes building additional docks and quay walls to accommodate drilling activities.
In an interview, he stated, “We are hoping to start the operation in the last quarter of next year, which will take about three years at most.”
Namibia is a hotspot for exploration because 13% of the rigs operating in African seas are now engaged in offshore operations.
The government of the nation intends to construct infrastructure for multi-platform vessels in Luderitz as well as a second port as part of the expansion. Kanime stated that Namport, Namibia’s National Port, will give the project with land and allow private companies to set up shop.
“As a port authority, we are moving towards a landlord model,” he declared. “We want private companies to invest in this space with both technical know-how and financial resources.”
The government-owned oil company Namcor anticipates beginning crude production as early as 2029.
