2 days ago
Namibia's Oil Riches May Finally Start to Flow
The world's hottest postcode for oil exploration is Namibia, attracting a who's who of the petroleum industry. So far, the African nation has generated lots of promise, but little in barrels or dollars. That's beginning to change: The contours of its prize are now taking shape.
To understand the excitement, let's start on the other side of the Atlantic. Back in 2015, the country attracting everyone's attention was Guyana. Within a few short years, the Latin American nation delivered a gusher for Exxon Mobil Corp. and its partners: Oil production climbed from almost zero in 2019 to 700,000 barrels a day this year. By 2027, Guyana is expected to surpass 1 million barrels a day, putting it on a par with OPEC+ member countries such as Libya.
