Economy

Economy (712)

Reconnaissance Energy Africa (ReconAfrica) has appointed Brian Reinsborough as President and Chief Executive Officer, effective August 1, 2023.

The Old Mutual Foundation says it has received over 400 applications for the Old Mutual Sustainable, Economic, and Empowerment Drive (OM SEED) initiative and has now shortlisted the top 30 candidates.

Galp, the operator of Petroleum Exploration License (PEL) 83 in Namibia's Orange Basin, has announced that it will start drilling the first of two exploration wells by the end of 2023.

Food prices in Namibia are anticipated to soar due to threatening weather conditions that will likely negatively impact agricultural production, further exacerbated by the high importation of products, experts have warned.

Moses Matyayi has officially assumed his duties as the incumbent Chief Executive Officer (CEO) of the City of Windhoek.

Namibia’s fish export bill hit a record high in May this year after increasing to N$1.1 billion compared to N$697 million recorded in May 2022, latest data shows.

TotalEnergies is reportedly days away from conducting the first production test on its Venus oil discovery offshore Namibia.

The development, according to Upstream, comes amid hints that the thickness of hydrocarbon pay zones may be bigger than originally revealed, with the Deepsea Mira semi-submersible rig set to conduct a flow test.

This comes as the French energy giant has allocated almost 50% of its global exploration budget of N$5.5 billion (US$300 million) to Namibia this year, aiming to confirm the multibillion-barrel discovery in Block 2913B (PEL 56) located in the Orange Basin.

The Venus discovery is a light oil and associated gas field, located approximately 290 kilometers off the coast of Namibia, in a water depth of approximately 3,000 meters.

Block 2913B covers approximately 8,215 km² offshore Namibia, and TotalEnergies is the operator with a 40% working interest, alongside QatarEnergy with 30%, Africa Oil’s Impact Oil and Gas with 20%, and the National Petroleum Corporation of Namibia (Namcor) with 10%.

The ultra-deepwater Venus-1X exploration well, which was drilled to a total depth of 6,296 meters, was spudded at the beginning of December 2021, using the Maersk Voyager drillship.

Global research and consultancy group, Wood Mackenzie, has suggested that first oil could flow from Venus by 2028, through more than 35 production wells tied back to a leased floating production system (FPSO).

According to government estimates, the Shell and TotalEnergies discoveries have the potential to generate annual taxes and royalties ranging from N$60 billion to N$95 billion, with the ability to create 3,600 jobs at the peak of production.

Shell's chief executive, Wael Sawan, says he is "positive" about the results so far from its exploration and appraisal drilling campaign offshore Namibia.

The Ministry of Finance and Public Enterprises says it is finding it challenging to attract and appoint competent people to serve on the boards of public enterprises, despite following a public recruitment process.

The Tsumeb community has threatened to hold a protest on Monday to press Dundee Precious Metals (Dundee) to provide them with jobs during the smelter's scheduled maintenance shutdown.

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