Namibia, long considered an exploration afterthought, has rocketed onto the global energy stage with discoveries rivalling established giants like Guyana, industry leader Shakwa Nyambe declared at the Namibia Oil and Gas Conference (NOGC) 2025. The Managing Partner of SNC Incorporated and President of the Association of International Energy Negotiators (AIEN) painted a picture of a nation undergoing a profound hydrocarbon transformation, driven by an unprecedented string of deepwater successes since 2022.
Nyambe’s presentation, “Industry Leaders’ Insights,” highlighted the stark contrast between Namibia’s past and present. For decades following Chevron’s 1974 Kudu gas find, exploration yielded only disappointment. However, the landscape shifted dramatically in 2022 with Shell’s Graff and TotalEnergies’ Venus discoveries in the prolific Orange Basin. This ignited an exploration frenzy, resulting in 10 discoveries from 13 deepwater wells drilled in just over three years. Landmark finds like TotalEnergies’ Venus and Galp Energia’s Mopane have already been declared commercial, marking a pivotal moment for the nation.
“This surge positions Namibia as a formidable contender in global deepwater exploration,” Nyambe asserted, drawing parallels to the early boom phases of Guyana and Senegal. He cited Wood Mackenzie figures estimating nearly 6 billion barrels of oil equivalent discovered so far, primarily within the Albian-Upper Cretaceous turbidites play. Galp Energia leads operators with an estimated 1.644 billion barrels of recoverable resources, followed by QatarEnergy (1.327 billion) and TotalEnergies (1.117 billion).
Namibia’s appeal, Nyambe explained, stems from its geological similarity to Brazil’s successful Cretaceous basins, coupled with a stable political environment and a highly competitive fiscal regime. The country offers a modest 5% royalty, a 35% corporate tax, and a progressive Additional Profits Tax linked to project returns. Crucially, the state oil company NAMCOR typically holds a 10-15% equity stake in blocks, ensuring national benefit while fostering international partnerships across its vast 220,000 sq km of licensed offshore acreage.
The path forward, however, demands urgent action alongside continued exploration. Nyambe outlined an aggressive drilling schedule for the coming months, including Rhino Resources’ Volans-1X (already underway), BW Energy’s Kharas prospect, and TotalEnergies’ Olympe prospect. Development is accelerating on the Venus and Mopane fields, both expected to utilize multiple Floating Production Storage and Offloading (FPSO) units. A Final Investment Decision (FID) for Venus is targeted for Q4 2026, with Mopane’s FID pending Galp’s appraisal completion. The long-delayed Kudu gas field FID is also anticipated in late 2026.
To capitalize on this momentum and navigate significant challenges – including ultra-deepwater depths exceeding 3,000 meters, complex geology, harsh environments, and an underdeveloped gas market – Nyambe called for immediate government reforms. “We must fast-track the establishment of an independent Upstream Petroleum Unit, review the upstream legal framework, finalize local content regulations, and develop a clear communication strategy,” he emphasized. Resuming the evaluation of petroleum block applications and awarding new licenses is also critical to sustain exploration activity.
Addressing technical and economic hurdles requires innovative solutions, Nyambe suggested, such as targeted incentives for ultra-deepwater projects, flexible work programs, reduced performance guarantees, and potentially adopting frameworks like Brazil’s REPETRO. Leveraging advanced technology and strategic partnerships, akin to ExxonMobil’s success in Guyana, will be key.
“Namibia’s estimated resource base – 6 billion barrels of oil and 2.2 trillion cubic feet of gas – positions it to become a major African energy hub,” Nyambe concluded. He stressed that realizing this potential hinges on stable policies, transparent licensing, infrastructure investment, and workforce development. By implementing necessary reforms and proactively managing risks, Namibia can transform its hydrocarbon wealth into sustainable, broad-based economic prosperity, securing its place as the world’s newest energy frontier for generations to come.