Namibia’s National Petroleum Corp. (Namcor) aims to increase its stake in future oil and gas projects to 30%, up from the 10% it has typically held. This move comes as Namibia experiences a surge in exploration activity due to multiple recent offshore discoveries.
Namcor is committed to actively participating in these future projects and generally seeks to secure a minimum stake between 20% and 30%, or even higher if it aligns with the company’s objectives. The state’s oil company indicated this in response to inquiries.
The recent discoveries by companies such as Shell Plc and TotalEnergies SE have sparked heightened exploration efforts, despite many major oil firms tightening their development budgets in light of changing priorities in the global energy transition. At least four drilling campaigns are slated to begin before the end of the year.
Namcor explained that its decision to pursue larger stakes in new projects is influenced by several critical factors, including the overall commercial viability, strategic benefits for Namibia, and the potential for sustainable development.
Story via WorldOil.com