WINDHOEK, Namibia, April 26, 2025/APO Group/ –The National Petroleum Corporation of Namibia (NAMCOR) has revealed that the country could produce more than 2.5 million tons of natural gas per year, based on early-stage assessments of recent discoveries made since 2022.

Speaking during a panel discussion on gas monetization strategies at the Namibia International Energy Conference on April 24, Mtundeni Ndafyaalako, Executive of Upstream Development & Production at national oil company NAMCOR, outlined a dual-pronged approach adopted by the corporation.

The first pillar focuses on leveraging legislative frameworks to enable coordinated infrastructure development, fostering collaboration among operators. The second emphasizes expanding exploration activities to unlock further resources.

“We have launched a gas monetization strategy project to support both government and industry on how best to commercialize gas. From our appraisals, we now have a clearer picture of production potential and various applications,” said Ndafyaalako, noting that the strategy is designed to attract new players and investment by clarifying monetization pathways.

Manfriedt Muundjua, Deputy General Manager at BW Kudu, reinforced the importance of integrating four pillars of local content – training, skills transfer, local procurement and local ownership – into the broader gas development framework.

Muundjua shared that BW Kudu is placing Namibian interns in every technical role currently held by international staff, supporting long-term local capacity building. He also emphasized the urgent need for downstream investment and infrastructure development.

“We already have a downstream investment partner lined up to join us once production at Kudu begins,” he said.He added that drilling of additional wells is scheduled to begin in October, supporting NAMCOR’s emphasis on continued exploration to identify new reserves.

Paul Eardley-Taylor, Head of Oil & Gas Coverage for Southern Africa at Standard Bank, highlighted the need for a “shadow infrastructure” – potentially led by public-private partnerships – in southern Namibia to address energy shortages through gas utilization. He suggested that oil revenues should be strategically directed toward financing gas infrastructure and fostering local energy markets.

Eardley-Taylor also pointed to the broader regional opportunity, suggesting that Namibia could assume a role once held by South Africa as the region’s primary energy supplier, particularly as critical mineral projects are willing to pay a premium for stable power supply.

Meanwhile, Ian Thom, Research Director for Upstream at Wood Mackenzie, expressed confidence that Namibia could implement a comprehensive Gas Master Plan within the next nine months. With only 59% of the population currently connected to the electricity grid, Thom underscored the potential of gas to dramatically increase energy access across residential, commercial and industrial sectors.

“Namibia could generate more value by exporting electricity rather than raw gas, given the limited infrastructure for gas exports and the high costs associated with building it,” Thom said.

Looking ahead, the upcoming African Energy Week (AEW): Invest in African Energies conference – set to take place from September 29 to October 3, 2025, in Cape Town – will spotlight Namibia’s gas developments and broader African opportunities The event will feature panel discussions, project showcases, deal signings and high-level networking sessions that connect African energy projects with global investors.

AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event.

WINDHOEK, Namibia, April 26, 2025/APO Group/ –Merger and acquisition (M&A) activity continues to emerge as a critical engine for growth in Namibia’s upstream oil and gas sector, as emphasized during a high-level panel discussion at the Namibia International Energy Conference (NIEC) on Thursday. Industry leaders outlined how strategic M&A deals are not only reshaping the country’s energy landscape, but also playing a key role in unlocking capital and accelerating exploration.

Gil Holzman, CEO of Eco Atlantic Oil & Gas, highlighted how acquisitions have underpinned his company’s expansion in Namibia since its entry into the market in 2009, stating: “Most of our best blocks are the result of M&As. Our most recent acquisition was in 2021 when we bought Azinam, which gave us promising blocks in the Orange Basin.”

According to Holzman, these acquisitions have fortified Eco Atlantic’s asset portfolio while positioning Namibia as an increasingly attractive frontier for global exploration. He pointed to M&A transactions involving supermajors such as ExxonMobil, QatarEnergy, Chevron and TotalEnergies as instrumental in bringing in not just capital, but also the technical capabilities needed to advance exploration in Namibia’s offshore and onshore basins.

Discussing the company’s operational strategy, Holzman emphasized a phased approach anchored in collaboration: “We aim to secure promising prospects, de-risk them internally and then attract partners with the technical know-how and capital required to unlock new frontiers.”

Echoing this sentiment, Adam Rubin, General Counsel at ReconAfrica, emphasized that M&As remain a strategic avenue to catalyze value creation, drive innovation and meet the substantial capital demands of upstream development. “We have not yet produced onshore, but the oil is there. Be patient – we will find it and produce,” he said, reaffirming the company’s commitment to moving from exploration toward full-scale production in the Kavango Basin.

Robert Bose, CEO of Sintana Energy, added that M&A activity has played a central role in enabling Sintana to broaden its asset base and build relationships with complementary partners. “M&As have helped us connect with the right partners and diversify our portfolio,” he said. “Cost-effective investment remains a key motivator, and we are focused on disciplined growth.”

From a financial perspective, Liz Williamson, Head of Energy at Rand Merchant Bank, outlined the opportunities that arise when IOCs divest from mature or late-life assets. She noted that such moves often create openings for mid-cap firms with fresh capital and a focused approach to step in. “This trend is beneficial for African governments, as middle-tier companies are often better suited to fully commit to and invest in these projects,” she explained.

Williamson also underscored the importance of establishing clear, investor-friendly deal frameworks and local content policies that build investor confidence. “Not many African countries are currently securing significant foreign direct investment, and Namibia must maintain its appeal by offering clarity on local content laws,” she said.

As Namibia emerges as a key exploration hotspot on the continent, discussions around capital flows, deal-making and upstream expansion are set to continue at African Energy Week 2025: Invest in African Energies, taking place from September 29-October 3, 2025 in Cape Town. The event will unite industry leaders, investors and government representatives to advance dialogue, showcase project opportunities and drive strategic partnerships across Africa’s energy landscape. Namibia’s rising profile and recent exploration success will be a focal point, drawing increased attention from global stakeholders seeking entry into one of the continent’s most dynamic markets.

AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event.

JOHANNESBURG, South Africa, April 25, 2025/APO Group/ –The African Energy Chamber (AEC) (https://EnergyChamber.org) strongly endorses the successful light oil discovery at the Capricornus 1-X exploration well in Namibia’s offshore Block 2914A – announced on April 24 – calling it a pivotal moment in the country’s energy evolution. The discovery solidifies the Orange Basin’s status as a major petroleum province and strengthens Namibia’s potential as a leading energy producer.

Led by operator Rhino Resources alongside partners Azule Energy, national oil company NAMCOR and Korres Investments, the Capricornus 1-X well encountered 38 meters of high-quality net pay with strong petrophysical characteristics, no water contact and flowed in excess of 11,000 barrels of oil per day during testing. These world-class results confirm the presence of a commercially viable light oil system and further elevate Namibia’s status as a frontier destination of choice for upstream exploration.

The AEC commends the PEL85 joint venture partners on delivering one of the most significant discoveries in Namibia to date, reinforcing the industry’s confidence in the Orange Basin and supporting the Chamber’s long-standing position that Namibia’s geology holds exceptional promise. With a 37° API light oil quality, low CO₂ content and no hydrogen sulphide, the Capricornus 1-X find mirrors key features of the highly anticipated Venus and Graff discoveries nearby.

The latest discovery is set to catalyze further investment in Namibia’s energy ecosystem, from seismic activity and appraisal drilling to infrastructure development and regional service capacity building. The AEC believes the positive results will trigger accelerated project timelines, fast-track appraisal and development plans and draw significant attention from global energy companies, financiers and technology providers.

The Capricornus 1-X success demonstrates the powerful results that can be achieved when African institutions like NAMCOR partner with ambitious operators and experienced international players. It also underscores the strength of Namibia’s investment environment – marked by a stable regulatory framework, competitive licensing terms and strong governance – factors the AEC has long championed as critical to unlocking Africa’s energy potential. This milestone affirms the value of long-term vision, exploration persistence and a shared commitment to generating broad-based prosperity from natural resources.

“The Capricornus 1-X discovery is a pivotal moment for Namibia, reinforcing the Orange Basin’s status as a leading global exploration hub. This breakthrough boosts investor confidence and paves the way for rapid development. We commend the joint venture partners for their leadership and execution, and are confident that the relevant parties will work quickly to maximize the value of these resources. Namibia is poised to lead Africa’s energy future, with this discovery marking just the beginning,” said NJ Ayuk, Executive Chairman of the AEC.

Looking ahead, the Chamber encourages all stakeholders – industry, investors, policymakers and the global community – to seize the moment. Namibia’s upstream is rising, and Capricornus 1-X is proof that bold exploration strategies in Africa continue to yield tangible results. This is the time to double down on investment, support new entrants and ensure that African oil and gas continues to play a critical role in meeting global demand, funding local development and securing the continent’s energy future.