{"id":50436,"date":"2025-04-25T21:47:11","date_gmt":"2025-04-25T21:47:11","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/50436\/"},"modified":"2025-04-25T21:47:11","modified_gmt":"2025-04-25T21:47:11","slug":"african-country-set-for-big-economic-boost-after-major-discovery-world-news","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/50436\/","title":{"rendered":"African country set for big economic boost after major discovery | World | News"},"content":{"rendered":"

Plans to explore oil and gas resources in an African<\/a> country are helping to establish it as a global energy hub. US energy company Chevron announced this week that it is considering drilling a well in Namibia’s Walvis Basin area in a bid to capitalise on the country’s growing status as an energy<\/a> hotspot. The programme, which won’t begin until 2026 or 2027, will be just the latest in a series of discoveries in the desert region, with other industry titans including Shell and TotalEnergies planning to launch production of up to 2.6 billion barrels of oil from 2030.<\/p>\n

Expeditions have uncovered other lucrative sites near Namibia’s Orange Basin, which lies adjacent to Chevron<\/a>‘s planned well in the Walvis Basin. “With this programme, Chevron continues to activate its strong and growing exploration portfolio,” a company spokesperson told Reuters. The country has enticed major international firms away from traditional producers including Nigeria and Angola in recent years with its promise of offshore oil production – with a rush kicking off in 2022, when Shell made an “encouraging” discovery off its coast.<\/p>\n

“Namibia’s recent oil and gas discoveries mark a transformational shift in the country’s economic landscape, energy security and global investment potential,” according to IBN Immigration Solutions.<\/p>\n

“These developments position Namibia as one of Africa’s most promising new energy frontiers, with far-reaching implications for economic growth, job creation and long-term industry sustainability.”<\/p>\n

Investment from global players including Chevron and Shell could boost its status as “a key supplier to international energy markets” and attract further exploration and infrastructure development, the agency added.<\/p>\n

Chevron signed a deal last year that handed it an 80% operating working interest in an offshore block in the Walvis Basin, Reuters reported, and already operates another offshore deepwater block in the Orange Basin.<\/p>\n

It’s no wonder that the African Energy Chamber has estimated that Namibia will experience sizeable growth in 2025, with officials focused on the impact new investments will have on the local economy.<\/p>\n

“We are offering a sustainable operating environment, ensuring all discoveries are in a race to first oil while making a lasting impact on the local economy,” Petroleum Commissioner Maggy Shino said, as per Offshore Energy.<\/p>\n

“The scale is enormous,” Ian Thom, Research Director for Sub-Saharan Africa Upstream at Wood Mackenzie, added. “There’s 220,000-square kilometres of offshore license acrage. With just over 20 exploration and appraisal wells drilled, this area is still hugely underexplored.”<\/p>\n","protected":false},"excerpt":{"rendered":"Plans to explore oil and gas resources in an African country are helping to establish it as a…\n","protected":false},"author":2,"featured_media":50437,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3090],"tags":[2740,51,1700,35,6084,16,15],"class_list":{"0":"post-50436","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-africa","9":"tag-business","10":"tag-economy","11":"tag-energy","12":"tag-infrastructure","13":"tag-uk","14":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114400804481560453","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/50436","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=50436"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/50436\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/50437"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=50436"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=50436"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=50436"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}