.jpg)
7 hours ago
1
Article content
(Bloomberg) — Namibia will offer financial incentives to help kick-start the development of oil fields managed by a group led by TotalEnergies SE, according to a special adviser in the presidency.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
TotalEnergies and Shell Plc in 2022 made the first in a series of finds off the coast of the southwest African nation. But the explorers have also hit dry wells, prompting them to write off drilling costs as they learned more about the fields.
Article content
Article content
Article content
“The government recognizes the complexities and high costs associated with the development of the Venus oil field by TotalEnergies,” Kornelia Shilunga, special adviser and head of upstream petroleum unit in the Namibian Presidency, said in a reply to questions.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
The state is “exploring mechanisms to enhance financing options, such as credit support instruments and partnerships with international lending institutions, to address challenges faced by local enterprises in accessing capital,” she said.
Article content
Namibia is targeting first oil output in the next five years, as it seeks to become a producer before crude demand is overtaken by low-carbon and renewable sources of energy.
Article content
State oil company Namcor is looking to build capacity to have a bigger role in developments along with the country’s strategy to maximize local production, according to Shilunga, who was appointed last month.
Article content
Namibia is also evaluating the potential to hold licensing rounds to increase activity, she said.
Article content
Sign up here for the twice-weekly Next Africa newsletter, and subscribe to the Next Africa podcast on Apple, Spotify or anywhere you listen.
Article content
English (US)