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10 Billion Barrels of Oil Discovered off Namibia's Coast | Vantage with Palki Sharma
10 Billion Barrels of Oil Discovered off Namibia's Coast | Vantage with Palki Sharma
A new oil deposit has been discovered off the coast of Namibia in southern Africa. The discovery was made by the Portuguese oil company, Galp Energia. Galp says that the deposit contains about 10 Billion barrels of oil. This adds to the earlier discoveries made by Britain's Shell, and France's Total Energies. Altogether, about 21 Billion barrels of oil have been discovered in Namibia so far, and more explorations are underway. Namibia has a chance to use these deposits to boost its economy, but that will take time. Oil production is unlikely to begin before 2029. Namibia will also have to find a way to prevent the Western energy giants from taking the lion's share of the wealth. Palki Sharma tells you more.
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Namibia | Oil Discovery | Galp Energia | Total Energies | Firstpost | World News | News Live | Vantage | Palki Sharma | News
#namibia #oil #discovery #firstpost #vantageonfirstpost #palkisharma #worldnews
vantage is a ground-breaking news, opinions, and current affairs show from Firstpost. Catering to a global audience, Vantage covers the biggest news stories from a 360-degree perspective, giving viewers a chance to assess the impact of world events through a uniquely Indian lens.
The show is anchored by Palki Sharma, Managing Editor, Firstpost.
By breaking stereotypes, Vantage aims to challenge conventional wisdom and present an alternative view on global affairs, defying the norm and opening the door to new perspectives. The show goes beyond the headlines to uncover the hidden stories – making Vantage a destination for thought-provoking ideas.
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Galp, a Portuguese company, controls 80% of Namibia oil fields.
Namibia state owned oil companies only own 10% to 20% of Namibia oil fields.
Meaning $8 out of $10 dollars will go to Galp, a Portuguese oil company.
And only $2 dollars will be shared among Namibia state oil companies and other foreign oil companies in Namibia.
Why are all these foreign multi-national companies going all across the coast of Afrika drilling the oil fields there?
Why is India refining Afrika’s oil?
Afrikan oil fields from Nigeria to Angola goes to India for refining.
India could become another partner in the newly found oil fields in Namibia.
Again, why is India refining Afrika’s oil?
Namibia oil fields are being explored and exploited by foreign oil companies.