markets for growth

Namibia

Tax incentives

Tax holidays

Customs and duties exemptions/ reductions

Investment allowances

Subsidised loans and grants

Namibia has emerged as a major player in global oil exploration after TotalEnergies and Shell made significant discoveries in 2022. While exploration has yielded few results in the past several decades, Shell’s Graff and TotalEnergies’ Venus discoveries are expected to propel the country to the head of Africa’s upstream future. Both discoveries are being appraised, with first flow expected in 2026. Dubbed the ‘new Guyana’, estimates suggest Namibia could have up to 11bn barrels of crude.

The momentum in Namibia’s upstream exploration has gained significant traction in 2023, with EICDataStream tracking six oil and gas projects worth US$19.6bn.

Who are the key players?

TotalEnergies has allocated a substantial portion of its global exploration budget for the year to confirm the presence of a multi-billion-barrel discovery in Block 2913B and Block 2912. In March 2023, Shell, in collaboration with QatarEnergy