Adedapo Adesanya
By Adedapo Adesanya
Africa may yet get another producer in the wider Organisation of the Petroleum Exporting Countries and its allies (OPEC+) after the exit of Angola and other players in recent years, as the group is considering Namibia for membership.
According to a top African industry official quoted by Reuters, OPEC+ will have to ensure Namibia joins its Charter of Cooperation, a grouping that engages in longer-term dialogue on possible membership and energy markets.
Mr NJ Ayuk, executive chairman of the African Energy Chamber, told the news agency that OPEC would like to see Namibia become a full member, adding that the organisation had begun its “charm offensive”. However, the outcome of the talks is unclear at this stage.
If it comes to fruition, it will follow the footsteps of Brazil, which joined in January.
In February, OPEC secretary-general, Mr Haitham Al Ghais was quoted saying that OPEC was holding talks with several nations on joining the charter, without naming them.
Following the discovery by French company TotalEnergies of an estimated 2.6 billion barrels in recent years., production in Namibia could begin in 2030, and the country could be Africa’s fourth-largest oil producer after Nigeria, Angola, and Libya.
Last year, Namibian petroleum commissioner, Mr Maggy Shino referred to the OPEC “family”, indicating a desire to join the bloc.
However, in March, the country’s Minister of Mines and Energy, Mr Tom Alweendo said that membership was not on the cards.
“We haven’t been approached by anyone to join OPEC. OPEC members are petroleum-exporting countries and we are not there yet. That is a consideration only after we have started to produce,” he said.
Nevertheless, talks between OPEC and the Namibian Government are likely to continue in late April, when Mr Al Ghais is scheduled to deliver an address to a Namibian energy conference.
Companies exploring the oil reserves in Namibia include Chevron, Eco Atlantic Oil & Gas, Galp Energia, Rhino Resources, Shell and TotalEnergies.
Market analysts note that Namibia could produce 700,000 barrels per day at peak production, based on existing discoveries.
Angola in December 2023 left OPEC after 16 years after a spat with the other cartel members regarding their oil production quotas. Indonesia in 2016, Qatar in 2019, and Ecuador in 2020 are some countries that have left the group.
