Namibia is fast emerging as one of Africa’s final frontiers for oil exploration with the recent discoveries of sizeable oil deposits off the Namibian coast
The country’s vast natural resources are estimated at 11 billion barrels of oil and 2.2 trillion cubic feet of natural gas reserves. This represents sufficient quantities of hydrocarbon reserves to turn the country into a hub of upstream oil and gas exploration activities and a significant player in the oil and gas world markets. For Namibia’s small economy, the oil and gas sector has the potential to become a critical game changer in addressing the country’s energy poverty and be an engine for broad-based economic transformation.
The National Petroleum Corporation of Namibia (NAMCOR) – alongside partners Shell Namibia Upstream B.V. and Qatar Energy – announced the discovery of sizeable quantities of light oil at the Graff-1 well offshore Namibia in February 2022, ushering in a new era of hydrocarbon exploration and production for the country. Shortly afterwards, TotalEnergies made a similar significant discovery of light oil, which is located in Block 2913B in the Orange Basin.