Namibia aims to become one of Africa’s top five oil producers by 2035, with a goal of reaching a daily output of 500,000 barrels, surpassing Egypt, according to a government official.
Ebson Uanguta, the interim managing director of the National Petroleum Corporation of Namibia, announced at an industry event that the country could achieve this target with the deployment of four floating production storage and offloading (FPSO) units by 2035.
He cited projections that Namibia could be producing over half a million barrels of oil equivalent per day, as reported by China’s Xinhua.
Namibia has recently experienced significant oil and gas discoveries in its offshore waters, with major oil companies estimating around 11 billion barrels of oil in these resources. The first production is expected to commence in 2030.
Leading the charge in Namibia’s oil future are supermajors Shell and TotalEnergies, alongside Qatar Energy and Global Petroleum, a UK-listed Australian driller.
Other players exploring oil in Namibia’s Orange Basin include Chevron, Portugal’s Galp, and Rhino Resources.
Earlier estimates suggested that Namibia’s oil and gas production could reach 700,000 barrels per day by 2030, the anticipated start of commercial production.
Two key discoveries stand out in Namibia’s oil prospects. Shell’s Graff discovery is estimated to hold up to 1.7 billion barrels of oil and gas across three wells, according to Barclays.
Even more significant is TotalEnergies’ Venus discovery, with reserves potentially reaching 3 billion barrels of oil equivalent.
Portugal’s Galp recently reported a major find at the Mopane discovery, which could hold over 10 billion barrels of oil equivalent.
If confirmed, this would make Namibia a highly attractive destination for oil development, surpassing even the significant discoveries by Shell and TotalEnergies.
