Namibian offshore oil and gas discoveries by TotalEnergies and Shell are of commercial quantities, likely in the billions of barrels. The discoveries could make Namibia, the southern neighbour of Opec member Angola, the latest oil producer along the African Atlantic coast. Both companies announced earlier this year that they had made “significant” discoveries offshore Namibia, and are currently making assessments. The companies did not detail the quantities found but a source told Reuters that Total’s discovery was more than 1-billion barrels of oil equivalent.
SOURCE: BUSINESS DAY LIVE