Premium from the FT – Could Namibia be the next oil frontier, world’s newest petrostate?

Premium from the FT – Could Namibia be the next oil frontier, world’s newest petrostate?

Two of Europe’s biggest energy companies are stepping up efforts to open a potentially giant oilfield off the coast of Namibia
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By Tom Wilson of The Financial Times

Two of Europe's biggest energy companies are stepping up efforts to open a potentially giant oilfield off the coast of Namibia in one of the clearest signs the industry is pursuing new fossil fuel resources.

UK-based Shell, which has drilled four exploration wells in the Atlantic Ocean off Namibia's southern coast since 2021, received approval in June to drill 10 more. This year France's TotalEnergies will spend $300mn — half of its global exploration budget — in the country.

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