The National Petroleum Corporation of Namibia plans to increase its stake in upcoming oil and gas projects to 30%, anticipating a surge in activity in the southern African nation following several offshore discoveries.
Namcor is “committed to actively participating in future oil and gas projects and generally aims to secure a minimum stake ranging between 20% and 30%” or higher if it supports the company’s objectives, it said in a reply to questions. Up until now, the state oil company has typically held a 10% share in blocks.
Namibia’s discoveries are drawing increased exploration activity even as oil majors’ development budgets have become more constrained, in line with shifting priorities in the global energy transition. Following discoveries by Shell Plc and TotalEnergies SE, activity has ramped up again, with at least four drilling campaigns set to start before the end of the year.
Namcor stated that its choice to pursue larger stakes in new projects is driven by several key factors, including overall commercial viability, strategic benefits for Namibia, and the potential for sustainable development.
