Namibia is rapidly emerging as a key destination for major oil companies, with recent discoveries of substantial offshore crude reserves transforming its prospects in the global energy sector. International giants like Shell, TotalEnergies, and ExxonMobil are leading the charge into this new frontier, attracted by the enormous potential of Namibia’s untapped resources. With estimates suggesting up to 11 billion barrels of offshore oil, Namibia is now set to join the ranks of significant oil producers alongside its neighbour, Angola.

The most noteworthy discoveries are the Venus and Graaf oil fields located in the Orange Basin. These fields hold the potential to yield billions of barrels of oil, positioning Namibia as a major oil producer within the next decade. Such discoveries are seen as game-changers for the country, with TotalEnergies and Shell already collaborating with Namibia’s National Petroleum Corporation (NAMCOR) to develop these fields. These partnerships not only promise a boost in oil output but also open up new opportunities for Namibia’s economic growth and employment in the energy sector​.

While oil production is not expected to begin for another four years, the regulatory environment in Namibia is being carefully structured to maximize the benefits of these discoveries. Governmental efforts to streamline policies and regulations are designed to attract additional investment, ensuring a smooth transition to oil production while prioritizing sustainability and responsible management of resources.

With growing interest from global oil majors, Namibia’s strategic focus on promoting exploration investment is already paying off. The scale of the offshore discoveries, coupled with the presence of international oil companies, is propelling Namibia to the forefront of the African energy landscape, marking a pivotal shift in its economic trajectory and positioning it as a potential future energy hub.