Namibia aims to become a member of OPEC as it anticipates a surge in large-scale oil production.
The southern African nation is gearing up to potentially rank as the continent’s fourth-largest oil producer by the next decade. Namibia’s Petroleum Commissioner, Maggy Shino, mentioned last year that if the exploitation of its substantial offshore oil and gas discoveries progresses as intended, the country could emerge as a notable oil producer.
Shino highlighted the value that an organization like OPEC brings in ensuring controlled and sustainable management of market dynamics. Namibia, with significant oil reserves discovered by TotalEnergies and Shell amounting to around 2.6 billion barrels, is poised to commence production at a peak capacity of 700,000 barrels per day (bpd) by 2030. As Namibia progresses towards becoming Africa’s fourth-largest oil producer within the next decade, the OPEC+ oil producers coalition is exploring the possibility of including the southern African nation as a member.
OPEC’s sub-Saharan African members, comprising Angola, Nigeria, Equatorial Guinea, Gabon, and the Republic of Congo, believe that membership provides increased visibility to investors and international oil companies. Discussions between the Namibian government and OPEC are expected to resume later this month.
In January, Angola withdrew from OPEC due to limitations on production quotas that impeded the country’s plans to stabilize crude production above 1 million barrels per day, as disclosed by the country’s top oil official.
