The African Energy Chamber strongly supports and applauds Impact Oil & Gas Limited’s move to accelerate the development of the Venus discovery while exploring for additional resources in the Orange Basin.
Africa-focused independent exploration company, Impact Oil & Gas has launched a multi-well drilling program offshore Namibia to assess the hydrocarbon reserves available in TotalEnergies’ large-scale Venus discovery, as well as their flow potential into adjacent blocks. Impact Oil & Gas owns an 18.89% stake in Block 2913B – which comprises the Venus discovery in the Orange Basin offshore Namibia – together with TotalEnergies (40%), QatarEnergy (10%) and Namcor (30%). The exploration campaign will include the drilling and re-entry of four wells in Block 2913B and 2912 leveraging the Tungsten Explorer drillship and the Deepsea Mira drill stem test as from the end of February 2023.
Siraj Ahmed, Chief Executive Officer of Impact Oil & Gas Limited, stated that the project is “designed to accelerate the appraisal of the Venus field and drill the first exploration well in our neighboring license, Block 2912. This program will provide vital information that will hopefully enable the joint venture to press ahead with development.”
With data from the program set to influence TotalEnergies’ planned development of the Venus discovery from as early as mid-2023, as well as the production center for Nara–1x well in Block 2912, Namibia is well on its way to kickstart its oil and gas market boom.
While Namibia seeks to fast-track the development of its oil and gas resources to address energy poverty, boost energy access, ensure energy affordability, drive socioeconomic development and regional energy security, Impact Oil & Gas’s move to expand drilling activities on the prospect represents good news for the country’s burgeoning oil and gas industry. As such, the African Energy Chamber (AEC), as the voice of the African energy sector, strongly supports and commends Namibia and Impact Oil & Gas for the milestone and launch of the exploration campaign.
“We believe the work which Impact has kickstarted is crucial for enabling Namibia to fast-track the development and exploitation of the massive hydrocarbon reserves in the Venus prospect and adjacent blocks in the Orange Basin. The potential of the Orange Basin in unlocking a new era of energy security and gross domestic product growth for Namibia and its southern African counterparts are enormous and Impact’s move represents a key step towards unlocking the full potential of the market,” stated NJ Ayuk, the Executive Chairman of the AEC.
He added that, “TotalEnergies’ move to direct $300 million – half of its 2023 budget – in exploring Namibian basins this year is a huge testament of the great potential the Orange Basin holds in making energy poverty history across the African continent while unlocking new revenue streams for global players. The Chamber continues to fight for Africa to maximize upstream activities if we are to achieve energy resilience and a just and inclusive energy transition. Drilling more oil and gas wells, as well as creating free markets and enabling environments which will drive private sector participation, is key for the continent to meet energy security and sustainability as well as economic growth targets.”
Upstream programs such as Impact Oil & Gas’s and discoveries such as Namibia’s Venus will be key discussion topics at the year’s African Energy Week (AEW) conference and exhibition – Africa’s premier event for the energy sector – which will take place from 16-20 October 2023 in Cape Town. With Namibia taking on a central role in discussions and deals during last year’s edition, the 2023 edition promises even further opportunities for new players looking at the Namibian market, as the country showcases the opportunities present and emerging across its burgeoning hydrocarbon market once again this year. Through high-level panel discussions, upstream forums, exclusive networking sessions, investment summits and exhibitions, AEW 2023 will unite African energy policymakers, companies and stakeholders with global investors and partners to discuss the future of both Namibia and Africa’s oil and gas industry.