The coastal town of Walvis Bay in Namibia is on the brink of an economic transformation, thanks to a surge in oil exploration activities off its shores. Major oil companies such as TotalEnergies, Shell, and Galp Energia have discovered significant oil reserves beneath the Atlantic Ocean near Namibia, with an 80% success rate in recent drilling efforts.
The potential of this newfound oil wealth has sparked excitement and optimism among local officials and industry experts. Namibia’s Petroleum Commissioner, Maggy Shino, envisions the country becoming an energy hub for the region, with the potential to double or triple its economy in the coming years.
TotalEnergies, in particular, is moving forward with plans to develop the Venus field and aims to replicate the oil boom experienced by Guyana in recent years. The rapid growth of Guyana’s oil industry following major discoveries has set a hopeful precedent for Namibia, which has long been under the shadow of its neighboring countries.
To support the burgeoning oil industry, Namibia is making significant investments in infrastructure development. State-owned Namport is planning over $2.1 billion in upgrades at its ports to accommodate both oil-related activities and green hydrogen projects. Additionally, international oil service companies like Halliburton and Baker Hughes are setting up operations in Namibia, offering repair and drilling services to support the growing industry.
As global interest in Namibia’s oil potential continues to grow, large companies like Galp are already looking to sell portions of their oil discoveries, estimated to be worth billions of dollars. With multinational energy giants like Exxon Mobil, Shell, BP, and Eni eyeing opportunities in Namibia, it’s clear that the country’s offshore industry is poised for rapid expansion.
As Namibia prepares to harness its newfound oil wealth, local officials are working to upgrade infrastructure, provide training opportunities, and ensure the responsible development of the industry. With the potential to rival some of Africa’s major oil producers, Namibia is on the cusp of a transformative economic journey fueled by its untapped offshore resources.
