Namibia’s Offshore Oil Drilling to Accelerate with New Projects
TLDR
- New phase of offshore oil exploration in Namibia begins with Saipem SpA’s Santorini drillship at Galp Energia SGPS SA's Mopane oil discovery site.
- Galp expected to drill four new wells in Namibia as part of an increased exploration activity, joined by other major players like TotalEnergies SE, Chevron Corp, and Rhino Resources.
- TotalEnergies to explore Tamboti prospect, signaling a surge in drilling operations in Namibia by the end of the year.
Namibia's next phase of offshore oil exploration is set to commence with the arrival of the Saipem SpA’s Santorini drillship at the site of Galp Energia SGPS SA's Mopane oil discovery.
The drillship reached the location early Wednesday, signaling the start of a new drilling campaign. Galp is expected to drill four new wells in Namibia by the end of the year, part of a broader surge in exploration activity.
Several other oil majors, including TotalEnergies SE and Chevron Corp, are also set to begin drilling operations in Namibia before the year's end. Rhino Resources is scheduled to start drilling two wells in November, while Chevron will begin its operations in December. TotalEnergies is planning to explore its Tamboti prospect.
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Key Takeaways
Namibia is becoming a key frontier for offshore oil exploration, attracting interest from major players. With multiple drilling campaigns set to launch before the year ends, Namibia is positioning itself as an emerging hub in the oil industry, despite the global energy transition and challenges in development budgets. These campaigns follow a series of significant oil discoveries in the Atlantic waters off Namibia’s coast, drawing attention despite the global shift toward energy transition and tighter budgets for oil development.
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