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.

While the world is transitioning towards renewable energy sources in efforts to decarbonise their economies, oil and gas remain critical sources of energy with the global oil and gas market estimated to grow from $6,989.65 billion in 2022 to $7,330.80 billion in 2023 at a compound annual growth rate (CAGR) of 4.9%.

The recent discoveries, coupled with improvements in deep-sea drilling technology as well as the current global energy crisis caused by the war in Ukraine, are expected to drive more international oil corporations (IOCs) towards Namibia, making the country the “New Frontier” in oil.

While Namibia’s abundant hydrocarbon resources set the country apart with regard to its investment potential for oil, the full-scale development of an oil and gas production industry will require the country to have in place legal provisions, infrastructure and human resources that will turn the massive investments in this area into broad-based economic growth.

Developing this capacity will require extensive planning and broad-based consultations with key players in Namibia’s economy in both the public and private sectors, as well as civil society.

In light of the above, through the Namibia Oil and Gas Conference, the Economic Association of Namibia (EAN), Namibia Investment Promotion and Development Board (NIPDB), and the Hanns Seidel Foundation (HSF)  in strategic partnership with the National Petroleum Corporation of Namibia (NAMCOR), brings together key role-players in Namibia’s oil and gas ecosystem, civil society and the general public to exchange views on the potential, opportunities, and risks of establishing an oil and gas industry in the country.

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