Namibia NOC targets higher stake in future oil projects

WINDHOEK, October 29, 2024 – Namibian NOC NAMCOR plans to raise its share in future oil and gas projects from its current 10% to a minimum of 20-30%, Bloomberg reported on Tuesday.

The company told Bloomberg that it is “committed to actively participating in future oil and gas projects and generally aims to secure a minimum stake ranging between 20% and 30%,” noting that the stake could go higher than 30% if that supports its objectives.

NAMCOR indicated it would seek higher stakes based on a project’s commercial viability, its strategic benefits to Namibia and its potential for sustainable development.

Namibia has sparked a wave of global investor interest in recent years, particularly thanks to a string of discoveries in the offshore Orange Basin. A star project is the Galp-led Mopane discovery, where the Portuguese player confirmed reserves of 10 billion boe earlier this year.

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