This partnership could provide Namibia with valuable expertise and support, further accelerating its path to becoming a significant oil producer. It is estimated that Namibia could achieve a peak production capacity of 700,000 barrels per day by the next decade.
How much oil does Namibia produce a day?
It is estimated that Namibia could achieve a peak production capacity of 700,000 barrels per day by the next decade. While this might seem insignificant compared to Angola’s output of about 1.1 million bpd, the potential for growth remains substantial, especially with more successful exploration activities.
Is Namibia a key player in the global oil market?
With significant discoveries along its coast, the southern African nation is poised to become a key player in the global oil market. Namibia has garnered attention following several major offshore discoveries, particularly in the Orange Basin and other promising areas such as the Luderitz, Kavango and Walvis basins.
Is Namibia a hotspot for oil exploration?
Namibia has recently emerged as a significant hotspot for oil exploration activity. With significant discoveries along its coast, the southern African nation is poised to become a key player in the global oil market.