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5 Things You Need To Know About The World’s Hottest Oil Play

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5 Things You Need To Know About The World’s Hottest Oil Play

By James Stafford – Aug 16, 2021, 7:00 PM CDT

With evidence of an active petroleum system now confirmed after two test wells in Namibia’s 6.3-million-acre Kavango Basin, the game is afoot with 2D seismic and a 6-well exploration drilling campaign that hopes to put this final frontier nation definitively on the commercial oil map.

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Other companies looking to capitalize on the rise in oil prices:

Netherlands-based, Royal Dutch Shell Plc. (NYSE:RDS.A) operates as an integrated oil, gas and chemicals company. Shell remains one of Big Oil’s least optimistic companies when it comes to the long-term oil and gas outlook Shell says we might already be past peak oil demand and is bracing itself for a worst-case scenario: Demand to never fully recover.

“I think a crisis like this has the potential to capitalize society into a different way of thinking, much as the Paris Agreement has had,”  company CEO Ben van Beurden has told investors.

Shell has also revealed that it expects ~75% of its proved oil and gas reserves to be exhausted by 2030 and nearly all by 2050.

South Africa is key for Shell because the government has been significantly more stable than some of the other big bets on the continent. Moreover, the country has been very open to Shell in its projects. The company’s operations in South Africa include retail and commercial fuel, lubricant, chemical and manufacturing. It’s also heavily invested in upstream exploration. It even holds the exploration rights to the Orange Basin Deep Water area, off the country’s west coast and has applications for shale gas exploration rights in the Karoo, in central South Africa.

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