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Investors wax lyrical about Namibia’s imminent energy boom

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Oil rig at Walvis Bay, Namibia photographed during WhyAfrica’s Road Trip through the country last year. Oil and gas discoveries in Namibia has given the country a good foundation to become a major player in the global energy sector. Image credit: Leon Louw for WhyAfrica

Investors wax lyrical about Namibia’s imminent energy boom

With Namibia on the cusp of becoming a global green hydrogen producer and exporter, and with several major oil and gas projects in the pipeline, Namibia is now regarded as a top international investment destination.      

Namibia’s recent oil and gas finds and the government’s commitment to develop a global green hydrogen project, had investors attending the Invest in African Energy Forum in Paris, France last week, waxing lyrical about growth opportunities in country’s energy sector.

The Namibian government recently announced that it had signed a USD10-billion agreement with Hyphen Hydrogen Energy to development a green hydrogen production hub in the southwestern corner of the Southern African country.

During a presentation at the African Energy Forum in Paris, Namibia’s Minister of Mines and Energy and NAMCOR delivered presentations on the opportunities for investors and project developers.

Following a series of upstream oil and gas success, Namibia has emerged as a highly attractive Exploration, Development and Production (E&P) destination, with a series of investors and project developers turning their attention to the high potential market.

According to Shiwana Ndeunyema , acting Managing Director of Namibia’s national oil company (NOC) NAMCOR, and Executive for Upstream Exploration at NAMCOR, Victoria Sibeya,  there are several investment and partnership opportunities available in the country.

Large scale oil and gas finds (Investors wax lyrical about Namibia’s imminent energy boom)

“In 2022 and 2023, Namibia witnessed three large-scale oil and gas finds by energy majors Shell, TotalEnergies and Qatar Energy, and Namibia is now looking at harnessing the full potential of the sector,” says Ndeunyema.

“The discoveries will place the country as one of the top oil producers by 2035 while doubling Namibia’s GDP in the next ten years,” says Ndeunyema.

“NAMCOR is accelerating the development of the finds, and according to Sibeya, the company is “talking about a fast-tracked program, if the appraisal program is a success.” She adds that the country is targeting first oil production by 2029.

In addition to the 2022-23 finds, Sibeya shares insights about the Kudu gas project. “NAMCOR is planning to produce 400MW of power from gas, with operations starting in 2026,” says Sibeya.

“The pre-Front End Engineering and Design (FEED) study has been completed, and we expect the FEED study to be completed by the first quarter of 2024. Power generated from the project will be used for domestic purposes, as well as for export to regional markets,” Sibeya adds.

More than just oil and gas (Investors wax lyrical about Namibia’s imminent energy boom)
Meanwhile, Namibia’s investment potential transcends oil and gas, with the country making strides towards establishing itself as a global hydrogen producer and exporter. To this effect, Namibia-global partnerships have played a fundamental role, and as the green market opens up even further, opportunities for bi- and multilateral partnerships are growing.

According to Ndeunyema NAMCOR is in the process of establishing itself as a fully integrated energy company and that they are actively engaging in renewable energy, green hydrogen and R&D programs.

“We are working on establishing three strategic partnerships on green hydrogen. We are also looking at creating more synergies between oil and gas and green hydrogen,” says Ndeunyema.

Namibia’s frontier potential will be on display during this year’s edition of the African Energy Week. African Energy Week 2023 takes place in Cape Town from October 16-20 under the theme, ‘The African energy renaissance: prioritising energy poverty, people, the planet, industrialisation and free market.

Investors wax lyrical about Namibia’s imminent energy boom

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