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An estimated 10bn barrels of oil has been discovered in Namibia, Portuguese oil company Galp Energia has said. A South African court is set to deliver judgement in a logo standoff between the ruling African National Congress (ANC) and the newly formed uMkhonto we Sizwe (MK) party, which is backed by former President Jacob Zuma.
The company revealed that it had made the potential find after concluding its first phase of oil exploration in the Mopane field off Namibia's coast. The ANC accuses MK party of violating the country's trademarks laws by using the name and logo similar to that of the governing party’s disbanded military wing, uMkhonto weSizwe.
“In the Mopane complex alone, and before drilling additional exploration and appraisal wells, hydrocarbon in-place estimates are 10 billion barrels of oil equivalent, or higher," it said on Sunday. The ruling party believes the use of the name by the new party would lead to voter confusion in the upcoming May polls.
Vast oil and gas reserves have been discovered in Namibia's Orange Basin, where Mopane is located, in recent years. But the MK party denies the accusations and wants the matter to be settled by the electoral commission.
The discoveries have positioned the southern African country as a potentially significant player in the global oil industry. The judgement expected to be delivered on Monday by a court in Durban will have legal implications for the MK party’s legal use of the name and logo.
The country is eyeing an entry to the oil producers' organisation Opec ahead of its planned start to oil production in 2030. Mr Zuma, 81, is campaigning against the ANC in the elections.
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