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This TERRIFYING New Discovery In Namibia SHOCKED The Entire Industry

May 10, 2023
well i disagree with the notion and i must say dammit the oil belongs to Namibia, oil and chaos have always been intertwined, the

discovery

of vast oil reserves has the power to shake up global markets, putting bringing nations to its knees and sparking conflict and when Shell announced its third major oil

discovery

in

namibia

in recent times the news sends shock waves through the

industry

like lightning on a quiet night the discovery of oil reserves in

namibia

has the potential to upend

this

status quo could

this

be the key to unlocking namibia's potential as a major player in the global oil market or will it throw the country into turmoil as competing interests vie for a piece of the pie, does the Will oil discovery be a blessing or a curse?
this terrifying new discovery in namibia shocked the entire industry
Let's find out that Shell just announced a major discovery. The south coast of Namibia has been a year of frantic exploration for a shallow qatar energy in Namibia and the chaos shows no signs of slowing the latest discovery A jet of light oil found in a deepwater well in the Orange Basin marks the third major find in just over a year corridor one acts well located about 270 kilometers off the south coast of Namibia on the pel-39 license was the site of the explosive discovery the well was drilled in water depths of about 2,200 meters in action-packed feet and by itself, QE was first to announce the discovery with a 45 percent non-operating interest in the block.
this terrifying new discovery in namibia shocked the entire industry

More Interesting Facts About,

this terrifying new discovery in namibia shocked the entire industry...

Namibian state-owned Namcor also has a 10% stake in the license structure, which owns the lion's share with a 45% stake and operates. The licensee have yet to make an official announcement what they are waiting for with such a massive finding it is no surprise that both QE and are playing their cards close to the chest Reserve estimates have not yet been issued and both companies stress that more assessment work is needed. to determine the full size and potential of the find, but one thing is clear: the action and chaos in the namibian oil

industry

show no signs of slowing down any time soon, the other two were also found in the orange basin, a region stretching from southern Namibia to the east coast of South Africa.
this terrifying new discovery in namibia shocked the entire industry
Last year, the supermajors struck oil with their Graph One rig on block 2913a just before Total Energy discovered hydrocarbons at its huge Venus Project, an adjacent block 2913b, then Shell followed up successfully on its Larona One well, which was nearby. de Graf at the end of January. Upstream reported promising signs from Shell's younker 1 exploration rig also in block 2913b deepwater ballista northern ocean semi-submersible platform struck hydrocarbons at secondary target en route to primary reservoir target and action just beginning latest find has added another twist to the action-packed story and came just two weeks after Total Energy announced plans for a multi-well drilling campaign to test the Venus discovery: the company has shipped half of its exploration budget by 2023 in Namibia, a clear sign of the Region's importance to the oil industry, but Total Energy is not the only company eyeing Namibia's offshore riches Australia's Woodside recently secured an option to acquire a Participation in a block off the coast of Namibia.
this terrifying new discovery in namibia shocked the entire industry
Namcor owns 30 per cent of the 20 and 10 Stakes respectively and, if the Venus drilling campaign is successful, could result in two centers of early production fully impact-assessed for oil and gas, but according to a leading management firm of Namibian wealth, the country will have to wait a few years before reaping the rewards of these discoveries as big oil companies are ramping up their exploration efforts in namibian waters while the african energy chamber or aec is opening an office in namibia determined to promote local content development and capacity building across the energy value chain with namibian energy sector poised for transformation following recent oil and gas discoveries acs to engage with stakeholders industry stakeholders, from international oil companies to government and service providers, the acs multi-tiered approach will focus on increasing local talent and capabilities to ensure that Namibia reaps the benefits of its new energy wealth in the coming For years to come, analysts predict that the Namibian economy could double by 2040 with the government earning more than $53 billion annually in peak production from oil fines.
Despite these bold predictions, oil companies have yet to confirm the technique and financial viability of the discoveries royalties will be the government's main source of oil revenue in the first three years of production, but there is the potential for a sharp increase in profits if the oil price remains strong despite rising demand for green and renewable energy Energy Technologies PSG Namibia forecasts that the spot price of benchmark Brent crude oil could remain above 79 per barrel until 2030. PSG Namibia also predicts that the Namibian economy will double by 2040 with the government earning more than 3.5 billion US$ a year in royalties and taxes on peak production from oil fines Namibia is poised to receive a significant financial gain from its oil discovery and governments are expected to collect up to 65 percent of tax revenue on royalties , while namcor's share will also see a significant increase this revenue inflow will come at a crucial time as Namibia anticipates a substantial increase in revenue from the South African Customs Union or SACU group, which is expected to reach $24.3 billion. of Namibian dollars in the fiscal year 2023-24, the economic recovery in the country has brought with it a sense of optimism the implementation of the Tax Administration reforms and the improvement of tax compliance have resulted in upward revisions of expected collections in VAT and personal income tax Despite this, some experts are wary of energy economist David Jarrett predicting that the estimates are based solely on the price of oil Futures The uncertainty surrounding the future price of oil has led some to suggest that Namibia should focus on diversification and value-added strategies to expand its revenue base abroad.
The post-independence democracies of SADC are plagued by poverty, inequality and unemployment despite being rich in resources. on subsistence farming is no exception the region's young populations are increasingly agitated with worsening socio-economic conditions, resulting in a significant loss of support for the ruling swapple party in the 2020 local government elections Swapo with his Liberation credentials was expected to lead Namibia to economic prosperity, but instead corruption and mismanagement have hampered progress Disenchantment among Namibian youth is a reflection of the broader trend in the region where liberation parties have been unable to rebuild and deliver on their promises the credibility of institutions has been eroded by corruption, casting doubts on the success of these democracies as a result, youth are increasingly disillusioned with the political process and the Frustration is reaching a boiling point the political landscape in southern Africa is volatile Full of corruption and public disenchantment in 2021 South Africa witnessed a significant decline in African National Congress or ANC electoral support due to corruption Meanwhile, Revelations and local government failures in Namibia corruption allegations related to fishing quotas were thought to have contributed to Swabo's loss of support in the 2020 local elections with the recent discovery of oil in Namibia.
Prosperity or further political turmoil, the discovery was projected to double the country's GDP by 2040, but corruption scandals like the fishing rod case involving swapple officials taking bribes for fishing rights cast doubt on this projection while swapo struggles to maintain power and manage public resources. The risk that the oil discovery will exacerbate existing socio-economic tensions and plunge Namibia into a new wave of scandals The prospect of massive oil revenues flowing into Namibia offers the promise of economic prosperity for the country and the SADC region, but also there is a dark side corruption social tensions and political instability resource wealth has often led to conflict in countries with a history of liberation struggles and the rhetoric of resource nationalism can exacerbate these tensions as frustration over the mismanagement of exploration revenues there are calls for nationalization of resources that threaten political stability and may appeal to politicians trying to maintain their influence, the future of namibia may be brightened by the discovery of oil, but it also entails the imminent risk of a resource curse that often leads to corruption and undermines democracy.
The benefits of resource wealth due to poor governance, corruption, and policy confusion, ultimately limit the state's ability to address problems such as unemployment and poverty, posing a significant threat to Dem stability. democracy and social harmony as tensions over the extractive industries rise. The income they generate will allow nations to benchmark themselves against one another and work towards development goals through resource extraction, while these sectors can provide significant employment opportunities for impoverished communities. Effective management and accountability are crucial for the oil discovery in Namibia as well as other extractive industries across the region have the potential to transform lives for the better if not simply used as tools to prop up the faltering Liberation parties that struggle to stay in power Collective solidarity and cooperation among sadc member states can be key to ensuring this outcome the discovery of vast oil reserves in namibia could potentially transform the country's economy and the region's socio-economic landscape; however there are also concerns about the risks of corruption and political instability that comes with managing such a valuable resource we ponder the chances and risk of the namibian oil discovery we want to hear your thoughts what next steps do you think that Namibia and the savc region to ensure that oil revenues benefit the general population? leave a comment with your ideas and don't forget to like it thanks for watching

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