Namibia's state-owned oil company NAMCOR has made a third oil discovery with partners Shell and QatarEnergy in the Jonker-1X deepwater exploration well, in the Orange Basin offshore southern Namibia, it said on March 6.
New discoveries could make Namibia, the southern neighbor of OPEC member Angola, another oil producer along the African Atlantic coast.
"We are delighted to announce this third oil discovery after the success of the Graff-1X and Venus-1X discoveries by Shell and TotalEnergies in 2022," Immanuel Mulunga, managing director of NAMCOR, said in a statement.
The acquired data is being evaluated, and further appraisal drilling is planned to determine the size and potential of the discovery, the statement said.
Shell Namibia B.V and QatarEnergy each hold a 45% stake in the joint venture while state-owned NAMCOR has 10%.
Recommended Reading
ProPetro Ups Share Repurchases by $100MM
2024-04-25 - ProPetro Holding Corp. is increasing its share repurchase program to a total of $200 million of common shares.
Baker Hughes Hikes Quarterly Dividend
2024-04-25 - Baker Hughes Co. increased its quarterly dividend by 11% year-over-year.
Weatherford M&A Efforts Focused on Integration, Not Scale
2024-04-25 - Services company Weatherford International executives are focused on making deals that, regardless of size or scale, can be integrated into the business, President and CEO Girish Saligram said.
Range Resources Holds Production Steady in 1Q 2024
2024-04-24 - NGLs are providing a boost for Range Resources as the company waits for natural gas demand to rebound.
Hess Midstream Increases Class A Distribution
2024-04-24 - Hess Midstream has increased its quarterly distribution per Class A share by approximately 45% since the first quarter of 2021.