Namibia’s USD 13 billion economy could more than double by 2040 due to major oil and gas discoveries in the offshore Orange Basin. If these finds are commercially viable, they could trigger the world’s final oil and gas rush amid tightening net-zero regulations. This week, Gas Matters Today explored the financial, geopolitical, and technical factors that could help Namibia capitalize on this opportunity. We also examine the pivotal roles of energy majors like ExxonMobil and Shell.
This comes as warnings grow about insufficient investment in new gas production, potentially causing global supply issues this decade. There is an "urgent need" for funding to meet the predicted rise in gas demand, according to the report by International Gas Union, Rystad Energy, and Italian energy company Snam.
In the UK, scrutiny of emissions was a running theme in energy news. The future of the Rosebank and Jackdaw oil and gas projects in the North Sea is uncertain after the UK government chose not to fight a legal challenge to its decision to grant drilling consent. While this doesn’t mean licenses will be withdrawn, it does create costly delays for developers Equinor, Ithaca Energy, and Shell, who now await a judicial review to determine if they must resubmit environmental assessments.
Meanwhile, the UK reached a milestone of over 30 GW of wind power, enough to supply 26 million homes. However, Bute Energy, a Wales-based renewable energy developer, claims that red tape is hindering clean energy progress.
Here’s a deeper dive into this week’s top stories:
Why Namibia’s oil rush is about more than just petrodollars
Texas shortlists 17 gas-fired power projects for funding amid expected surge in demand
Mexico’s Saguaro LNG export facility awaits FID as most capacity sold
Uncertainty looms over Rosebank and Jackdaw North Sea projects as UK backs down over legal challenge
Gazprom ramps up supply to China, says Far Eastern route is on track
China reiterates plan to rev up gas storage amid green energy push
UK hits 30 GW wind despite equipment failure woes
Lack of investment casts uncertainty over future gas supply - IGU
Kuwait secures new long-term LNG agreement with Qatar as demand grows
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