Committed to advancing Namibia’s energy sector, the country’s national oil company NAMCOR has joined the African Energy Week 2023 conference as a Gold Sponsor.
Namibia’s energy market is on the precipice of transformation following several major discoveries, the introduction of billion-dollar projects, and a proactive approach by Government to advance local content. NAMCOR, the country’s National Oil Company (NOC), plays a crucial role in unlocking Namibia’s vast potential and is committed to monetizing the estimated 11 billion barrels of oil reserves and trillions of cubic feet of natural gas resources. The company is dedicated to forming partnerships, policies, and regulations that promote harnessing these resources sustainably.
At African Energy Week (AEW) 2023 – scheduled for October 16–20 in Cape Town – NAMCOR will participate as a Gold Sponsor. NAMCOR’s participation is both a testament to the commitment of the NOC to advance the development of Namibia’s hydrocarbon industry and to the event as the premier platform to discuss the future of Africa’s energy sector.
NAMCOR has been making great strides towards expanding Namibia’s energy industry in recent months. Upstream, NAMCOR explores oil, gas, and energy opportunities with strong strategic partnerships from international majors such as Shell, TotalEnergies, and Qatar Energies. In 2022-2023, the NOC, through these partnerships, saw the discovery of light oil in the Orange Basin in the Graff-1X, Venus-1X, Jonker-1X, La-Rona-1X, and Lesedi-1X wells. These discoveries have the potential to significantly boost Namibia’s energy reserves, paving the way for enhanced energy security and economic prospects.
Additionally, the NOC has partnered with Canadian exploration firm ReconAfrica for the exploration of the Kavango Basin. This partnership involves ReconAfrica conducting drilling operations in the region. Similarly, the NOC formed an agreement with an international oil and gas company ExxonMobil for blocks 1710 and 1810 as well as 1711 and 1811A. These partnerships underscore the NOC’s commitment to collaborating with international companies to accelerate E&P activities and bring increased investments to the Namibian energy sector.
Downstream, NAMCOR plays a pivotal role in sourcing and distributing petroleum products across Namibia. This crucial function directly contributes to the company’s overarching mission of ensuring a stable and reliable supply of energy resources to various stakeholders. Whether providing essential fuels to the government for public services, supporting the energy needs of commercial enterprises, or serving the general public, NAMCOR’s downstream operations uphold the nation’s energy security and economic vitality. Through efficient sourcing and distribution, NAMCOR continues to play a vital role in powering Namibia’s progress and prosperity.
The NOC prioritizes local content development by adhering to Namibia’s National Upstream Petroleum Local Content Policy. This commitment aims to upskill Namibians and local businesses throughout the petroleum industry’s value chain, harnessing resources and driving economic progress. The promotion of these policies is integral to the company’s commitment to serving the Namibian people.
“NAMCOR plays a pivotal role in harnessing Namibia’s energy potential. The company’s significant discoveries in the Orange Basin and partnerships with global leaders exemplify its commitment while a focus on expediting Namibia’s resource exploration and production, alongside a commitment to local content and sustainability, underscores its significant role in fueling Namibia’s economic growth,” states NJ Ayuk, Executive Chairman of the African Energy Chamber (AEC).
NAMCOR’s expertise, partnerships, and commitment to energy security make it a key player in advancing sustainable development and fostering regional collaboration across the southern African region. As a Gold Sponsor at AEW 2023, NAMCOR aims to enhance its connections with energy firms, stakeholders, governments, and industry leaders. The NOC will also support the conference’s mission by advocating for Africa to harness its resources to achieve a just energy transition and address energy poverty.
AEW is the AEC’s annual conference, exhibition and networking event. AEW 2023 will unite African energy policymakers and stakeholders with global investors to discuss and maximize opportunities within the continent’s entire energy industry. For more information about AEW 2023, visit https://aecweek.com