NAMCOR and Partners Advance Offshore Oil Exploration. Despite Shell’s decision to write off $400 million from its operations in Namibia’s Petroleum Exploration License (PEL) 39, other stakeholders, including the National Petroleum Corporation of Namibia (NAMCOR), remain committed to advancing projects in the Orange Basin, a globally promising oil and gas region.
NAMCOR spokesperson Utaara Hoveka confirmed ongoing post-well studies on the Venus wells by joint venture partners QatarEnergy (30%), Impact Oil and Gas Namibia (9.5%), and NAMCOR (10%). These studies involve analyzing core samples, fluid data, and logging results to support future exploration. Additionally, drilling of the Tamboti-1X exploration well began in October 2024, with operations progressing steadily.
In the Mopane complex, Galp (80%), NAMCOR (10%), and Custos Energy (10%) recently completed the Mopane-1A appraisal well, which confirmed light oil and gas condensate in high-quality reservoirs with excellent porosity and minimal impurities. Combined with earlier Mopane-1X and Mopane-2X results, the findings demonstrate significant potential in the region. Exploration continues with the Mopane-3X well and a high-resolution 3D seismic survey to refine prospects
Chevron Namibia Exploration Ltd. (80%), NAMCOR (10%), and TRAGO (10%) also drilled the Kapana-1X exploration well in the Orange Basin. While no commercial hydrocarbons were found, the operation provided valuable data that strengthens NAMCOR’s confidence in PEL 90.
Shell’s withdrawal has sparked criticism, with industry expert Raffik Lazar suggesting the decision may have been driven by internal and financial concerns rather than technical challenges. A report by The Dubai Dataroom called the move premature, emphasizing Namibia’s strong petroleum potential and encouraging operators to collaborate, reduce geological uncertainties, and optimize costs
The report stressed the importance of synergy between operators to maximize economic viability and capitalize on Namibia’s emerging offshore oil opportunities.
Despite Shell’s exit, NAMCOR and its partners remain optimistic about the Orange Basin’s potential. With ongoing exploration, positive discoveries, and a focus on collaboration, Namibia continues to position itself as a key player in the global oil and gas industry.