TotalEnergies SE has made a “significant” oil discovery off the coast of Namibia, three weeks after Shell Plc announced another find off the southwest African nation.
Explorers have drilled over a dozen wells off the coastline of Namibia in search of oil and gas. The potential opening of a new basin comes at a time when African countries are looking to benefit from natural resources amid rising opposition to the use of climate-warming fossil fuels.
The light oil and associated gas found at its Venus well in the Orange Basin is “very promising,” Kevin McLachlan, senior vice president of exploration at TotalEnergies, said in a statement Thursday. The Venus 1-X well encountered about 84 meters of net oil pay. Shell announced a discovery on February 4 and is examining results as further exploration activity is planned.
TotalEnergies has a 40% interest and is the operator of block 2913B in the Orange Basin, with Qatar Petroleum holding 30%, Impact Oil & Gas 20%, and National Petroleum Co. of Namibia 10%. The company also has blocks where the Orange Basin extends into South Africa.