Crude awakening: Namibia's energy rise

In recent years, Namibia has become one of Africa’s most sought-after destinations for oil and gas exploration. Favourable geology, supportive government policies and an investor-friendly environment have attracted a growing number of heavyweight international oil companies (IOCs) eager to tap into the country’s rich offshore reserves.

Orange basin boom

Nambia’s energy boom is primarily centred around the Orange Basin – a prolific geological formation that has been the site of several major hydrocarbon discoveries, including the highly publicised Venus and Mopane wells. These successes have bolstered the country’s reputation as an emerging oil and gas hub, significantly boosting its global credibility among investors and industry stakeholders.

Policies driving investment

A major driver of this favourable investment climate has been the adoption of progressive policies such as the Investment Promotion Act. This legislation has played an essential role in attracting capital to the Namibia’s priority sectors, particularly the oil and gas industry. By lowering regulatory and operational hurdles for IOCs, Namibia has established a more enabling environment for large-scale energy projects, accelerating both exploration and development activities.

Venus: Game-changing giant

TotalEnergies’ Venus discovery, first drilled in 2022, has been hailed as one of Sub-Saharan Africa’s largest-ever oil fields. The Venus-1X well confirmed a substantial light oil reservoir, with further appraisal wells reinforcing the basin’s high potential. Given its scale, the Venus discovery is expected to attract significant development investments and could lead to Namibia’s emergence as a major oil-producing nation. The US$5bn project has already drawn considerable industry attention, with TotalEnergies and its partners, including QatarEnergy, Impact Oil & Gas and NAMCOR (National Petroleum Corporation of Namibia), having selected a floating production, storage and offloading (FPSO) vessel to handle 150,000bbl/d and 500MMcf/d. The outcome of the Venus field’s appraisal and commercial viability will play a pivotal role in shaping Namibia’s future as an oil-producing nation.

Mopane driving momentum

Meanwhile, Galp Energia’s Mopane discovery has garnered significant attention due to its rapid pace of development. Following a series of successful exploration and appraisal operations, the final investment decision for full-field development may be imminent. Recent discoveries at Mopane-2A, including gas-condensate in AVO-3 and light oil in AVO-4, have prompted the company to proceed with Mopane-3X, which targets two additional prospects. The results of this drilling campaign are eagerly awaited as they could have significant implications for the basin’s overall hydrocarbon potential.

The much-anticipated farm-out agreement, slated for Q4 2025/Q1 2026, is being closely monitored by the international oil community. Among the companies expressing interest, Brazil’s national oil company Petrobras has publicly declared interest in operating in Namibia, signalling strong global confidence in Namibia’s energy potential.

Looking ahead

Namibia’s offshore oil and gas industry will grow significantly in 2025. The country is entering a pivotal phase, with seven wells planned for drilling this year and upcoming licensing opportunities. New blocks across deepwater, ultra-deepwater and shallow-water zones will open the door to new collaborations and exploration campaigns – further cementing Namibia’s status as an emerging hydrocarbon hotspot.

For EIC members looking to expand into Namibia’s oil and gas sector, this translates into opportunities across the value chain – from drilling services and subsea systems to FPSO technologies, logistics and local content initiatives. As the country’s energy landscape evolves, proactive engagement and strategic partnerships will be key to unlocking long-term value in this dynamic market.

Are you ready to export? Email: guilherme.martins@the-eic.com

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