(Bloomberg) -- The National Petroleum Corp. of Namibia aims to triple its stake in future oil and gas projects to 30% as the southern African nation is set for a surge in activity following multiple offshore discoveries.
Namcor is “committed to actively participating in future oil and gas projects and generally aims to secure a minimum stake ranging between 20% and 30%” or higher if it supports the company’s objectives, it said in a reply to questions. Up until now, the state oil company has typically held a 10% share in blocks.
Namibia’s discoveries are drawing increased exploration activity even as oil majors’ development budgets have become more constrained, in line with shifting priorities in the global energy transition. Following discoveries by Shell Plc and TotalEnergies SE, activity has ramped up again, with at least four drilling campaigns set to start before the end of the year.
Namcor said its decision to pursue higher stakes in new projects “is influenced by several key factors, including the overall commercial viability, strategic benefits to Namibia, and potential for sustainable development.”
©2024 Bloomberg L.P.