One more country could join OPEC

Namibia could consider joining OPEC if recent offshore oil discoveries prove to be large enough for commercial development, Namibian petroleum commissioner Maggy Shino told Bloomberg, as oil majors that have made recent discoveries prepare for appraisal drilling.

TotalEnergies made in February a significant discovery of light oil with associated gas on the Venus prospect offshore southern Namibia. The initial results are “very promising” in the so-called Orange Basin, Kevin McLachlan, Senior Vice President of Exploration at TotalEnergies, said at the time.

Venus in Namibia could be a “giant oil and gas discovery,” TotalEnergies said in an investor presentation last month. Appraisal and testing are slated for 2023. 

Shell said in April that it was “very encouraged” by the early results from the deepwater Graff-1 exploration well in the same Orange Basin offshore Namibia, completed earlier this year.