International energy company 88 Energy has set its sights on Namibia’s untapped oil reserves, with new analysis revealing the country could hold multi-billion-barrel discoveries that would transform its economic landscape. The London and Australian-listed explorer is preparing for potential drilling in Namibia’s frontier basins by late 2027, capitalizing on the country’s favourable investment climate and recent seismic surveys that hint at enormous hydrocarbon potential.
The Namibia opportunity forms part of 88 Energy’s high-impact exploration strategy, which has already proven successful in Alaska where the company discovered over 250 million barrels of oil equivalent (2C resource) at its Project Phoenix. According to energy research firm Hannam & Partners, Namibia represents one of the most exciting exploration frontiers globally, with 88 Energy’s acreage offering comparable potential to recent major discoveries by TotalEnergies and Shell in the Orange Basin. The company’s technical team – renowned for their expertise in challenging environments – is currently evaluating data to pinpoint drilling locations that could unlock Namibia’s next energy bonanza.
This development comes as Namibia positions itself as Africa’s newest oil province. The country’s offshore basins have already yielded three significant discoveries since 2022, with TotalEnergies’ Venus-1X well alone containing an estimated 3 billion barrels of oil. 88 Energy’s onshore exploration program could prove equally transformative if successful, potentially creating a new hydrocarbon province that would diversify Namibia’s energy mix beyond its established uranium and critical minerals sectors. The government has welcomed this exploration activity, with Minister of Mines and Energy Tom Alweendo recently stating that oil revenues could fund infrastructure development and renewable energy projects.
Industry analysts highlight several factors making Namibia attractive to explorers like 88 Energy. The country offers political stability, transparent licensing processes, and modern petroleum legislation that ensures local participation while protecting investor interests. Its low-carbon intensity oil finds – particularly in deepwater locations – align with global energy transition goals, making Namibian crude potentially more marketable than higher-emission alternatives. The anticipated 2026 resource certification for 88 Energy’s Namibian blocks could significantly increase the project’s valuation, with Hannam & Partners currently assigning it zero value in their risked NAV assessment of 14.7p per share.
The exploration timeline coincides with major infrastructure developments that would support future production. Namibia’s National Petroleum Corporation (NAMCOR) is advancing plans for a 100,000 barrel-per-day refinery near Walvis Bay, while the government negotiates potential partnerships for LNG facilities and pipeline connections to southern African markets. These developments could provide 88 Energy with multiple commercialization pathways if discoveries are made.
Environmental groups have raised concerns about the ecological impact of onshore drilling, particularly in ecologically sensitive areas. However, 88 Energy’s management emphasizes their commitment to responsible exploration, citing their Alaska track record of operating in environmentally challenging conditions while meeting strict regulations. The company plans to employ modern low-impact drilling techniques and work closely with local communities to minimize disturbance.
For Namibia’s economy, successful oil discoveries would bring transformative benefits. The petroleum sector could generate thousands of direct and indirect jobs, stimulate supporting industries, and provide tax revenues to fund social programs. The government’s local content policies ensure Namibians will participate across the value chain, from seismic operations to potential production. Energy analysts suggest that even modest discoveries could significantly boost GDP, while major finds might position Namibia as Africa’s next energy exporter.
The coming months will prove critical for 88 Energy’s Namibian ambitions. The company will monitor results from nearby wells being drilled by ReconAfrica this summer, which could provide valuable geological insights. Successful exploration in Namibia would not only validate 88 Energy’s frontier strategy but could trigger a wave of investment similar to the rush seen after Venus-1X’s discovery. With its risked NAV offering 12x upside to current share prices according to Hannam & Partners, 88 Energy represents a high-risk, high-reward opportunity for investors betting on Namibia’s hydrocarbon potential.
As Namibia stands on the cusp of an energy revolution, 88 Energy’s exploration program adds another dimension to the country’s resource story. Between promising oil prospects, world-class critical mineral deposits, and ambitious green hydrogen plans, Namibia is rapidly emerging as a multifaceted energy powerhouse – one that could soon see its deserts yield black gold alongside its offshore riches. The government’s challenge will be ensuring these resources benefit all Namibians while maintaining environmental stewardship in this ecologically diverse nation.