Namibia is aiming to become one of Africa’s top oil producers by 2035, with a target output of 500,000 barrels per day. This would push Egypt out of the top five oil-producing countries on the continent, according to a government official.
Ebson Uanguta, interim managing director of the National Petroleum Corporation of Namibia, announced at an industry event that Namibia plans to deploy four floating production storage and offloading units by 2035. These units will help achieve the goal of producing over 500,000 barrels of oil daily.
Recent significant discoveries in Namibian waters have revealed an estimated 11 billion barrels of oil in offshore reserves. Commercial production is expected to start in 2030. Major investors in Namibia’s oil sector include Shell, TotalEnergies, Qatar Energy, and the UK-listed Australian company Global Petroleum. Chevron, Portugal’s Galp, and Rhino Resources are also exploring the Orange Basin for oil.
Initial reports had suggested that Namibia’s oil and gas production capacity could reach 700,000 barrels per day by 2030, the expected start of commercial production.
Two key discoveries could significantly boost Namibia’s oil production capabilities. Shell’s Graff discovery is estimated to contain up to 1.7 billion barrels of oil and gas across three wells. TotalEnergies’ Venus discovery is even larger, with reserves estimated at up to 3 billion barrels of oil equivalent.
Additionally, Portugal’s Galp recently reported a find at the Mopane discovery, which could hold over 10 billion barrels of oil equivalent. If confirmed, this discovery would surpass both the Shell and TotalEnergies finds, making Namibia an even more attractive destination for oil development.