Africa-Press – Namibia. ... The industry is drawing billions in investment, heavyweight global players, local entrepreneurs and controversial figures.
Namibia has attracted all sorts of players to its oil and gas industry – the scandalous, the unknown, and even those reported to have pushed bribes in other countries.
As of April this year, there are 29 active exploration blocks, with companies all scouting for oil on- and offshore the Namibian coast and 29 applications still under review.
Among the 29 names actively searching for oil is the National Petroleum Corporation of Namibia (Namcor), owning between 10% and 15% of the industry, and investing “billions” in it, according to the public enterprise’s spokesperson, Paulo Coelho.
Known companies like TotalEnergies, Shell, Galp Energia, ExxonMobil, Impact Oil, and Qatar Energy all want a piece of the pie.
Let’s start with some big numbers: N$52.3 billion, 11 billion barrels, and the 29 companies.
This is the unfolding story of the Namibian oil and gas sector.
N$52.3 billion is what the Bank of Namibia has classed to be foreign direct investment in local oil and gas by the end of 2024.
Some 11 billion barrels is the estimated amount of oil in the Orange Basin alongside 2.2 trillion cubic feet of gas.
With over US$3 billion in exploration spending since 2022, the industry is set to transform the nation’s economy significantly, reducing its reliance on diamonds and uranium.
From TotalEnergies’ Venus to Galp’s Mopane, global supermajors like Chevron, ExxonMobil Rhino Resources, and Shell are joined by local Namibian entrepreneurs and firms, with a target for first oil production in 2029 and hopes to double the country’s gross domestic product (GDP) by 2040.
Namibian business leaders like Knowledge Katti and companies like Custos Investments are shaping a future, where local talent and resources will shine – but corporate scandals and environmental concerns loom large.
This article explores the key players, their investments, controversies, and the sector’s monumental stakes.
Wood Mackenzie projects US$100 billion in revenue over 25 years, creating 50 000 jobs and funding schools, roads, and green energy.
Globally, Namibia’s low-carbon crude and Atlantic Ocean proximity make it a strategic supplier for Europe amid energy security demands.
Geopolitically, Namibia rivals Guyana, with only 32 wells drilled across 230 000 km2, signalling decades of untapped potential.
The National Upstream Petroleum Local Content Policy, approved in December 2024, mandates local hiring and procurement.
NAMIBIAN PLAYERS
In recent years, local participation has been pushed, with some individuals and companies playing pivotal roles.
One such figure is Knowledge Katti, a mining and oil entrepreneur, who is the founder of Custos Investments (Pty) Ltd.
Through this company, Katti holds a 10% stake in the promising petroleum exploration licence (PEL) 83, alongside Galp and Namcor.
At the helm Namcor is Victoria Sibeya, the interim managing director.
Sibeya oversees the state-owned company’s 10% stake in multiple PELs.
She is tasked with positioning it as Namibia’s largest future oil player after a 2023 mismanagement scandal, which brought to light the institution’s financial losses.
Largely involved in guiding the regulatory landscape is Maggy Shino, Namibia’s petroleum commissioner under the Ministry Indutries, Mines and Energy.
Shino has been encouraging investor-friendly policies and local content inclusion, describing prospects like PEL 85’s Sagittarius as “amazing”.
The vision for local empowerment has also been championed by former mines and energy minister Tom Alweendo.
THE LOCAL COMPANIES
Beyond these individuals, several Namibian companies are actively participating in exploration and development activities.
Custos Investments, founded by Katti, is a key local partner in the promising Mopane development within PEL 83.
Cricket Investments holds an interest in PEL 2914B alongside Signet Petroleum and Namcor, although recent activities remain less publicised.
Korres Investments holds a 5% stake in PEL 85, partnering with Rhino Resources and Azule Energy, contributing to the encouraging results seen at Capricornus-1X.
Aloe Investments Twenty Seven has a 5% share in PEL 94, supporting Global Petroleum’s exploration efforts in the Walvis Basin.
Moonshade Investment owns a 5% interest in PELs 97 to 100, collaborating with Eco Atlantic in the prospective Walvis Basin.
Finally, Legend Oil Namibia, a private Namibian firm, holds a significant 15% stake in PEL 93, partnering with Monitor Exploration and 88 Energy in the frontier Owambo Basin.
ORANGE BASIN: A GLOBAL HOTSPOT
The Orange Basin has seen US$2 billion in exploration spending, with major discoveries fuelling global interest.
Galp Energia, through its 80% ownership of PEL 83 alongside Namcor (10%) and Custos (10%), has invested approximately US$300 million in seismic surveys and the Mopane wells, with an additional US$150 million allocated for ongoing appraisal.
The Mopane-1X well is estimated to hold 10 billion barrels of oil equivalent, with production potentially reaching 211 000 barrels per day by 2037.
Galp was implicated, but not convicted, in Brazil’s ‘Operation Car Wash’.
Custos’ involvement ensures Namibian equity in this significant project.
Meanwhile, Rhino Resources holds a 42.5% stake in PEL 85, partnered with Azule (42.5%), Namcor (10%), and Korres (5%).
The company has invested $120 million in seismic work and the Capricornus-1X well, with Azule adding US$100 million for two future wells.
Capricornus-1X flowed 11 000 barrels per day in 2025, and appraisal drilling is planned for 2026.
Azule’s parent company, Eni, faced and was acquitted of bribery allegations in Nigeria.
Korres Investments strengthens Namibian participation in this fast-moving project.
TotalEnergies commands a 40% share of PEL 56 (with QatarEnergy, Impact Oil & Gas, and Namcor) and a 47.2% share of PEL 91 (with Namcor).
The company has invested around US$1 billion in the region, including the Venus-1X and Marula-1X wells.
The Venus-1X discovery holds an estimated 3 billion barrels, with a target production of 180 000 barrels per day by 2029.
TotalEnergies has faced criticism regarding its Mozambique liquid natural gas (LNG) project and accusations of greenwashing.
Namcor stands to benefit significantly from the massive potential of the Venus project.
Shell exploration and Production holds a 45% stake in PEL 39, alongside QatarEnergy and Namcor.
The company has invested US$800 million, including the Graff-1X well and seismic activities, though it also recorded a US$400 million write-down.
The Graff-1X discovery is estimated at 700 million barrels, and Shell is studying a floating LNG development.
Shell has a history of environmental issues in Nigeria and was acquitted in a Nigerian bribery case.
Namcor’s stake ensures local revenue from Shell’s discoveries.
Chevron operates PEL 90 with an 80% interest, partnering with Namcor and Trago Energy.
The company has invested US$200 million, including seismic surveys and the Kapana-1X well.
Kapana-1X is targeting reservoirs similar to the Venus discovery, with testing planned for 2026.
Chevron has faced environmental and political challenges in Ecuador and Venezuela.
The last player in the Orange Basin is Pancontinental Orange, holding a 75% stake in PEL 87, with Custos and Namcor as partners.
The company has invested US$50 million in seismic work, and drilling, estimated at US$100 million, awaits a partner.
The Saturn Turbidite Complex shows significant potential, with drilling targeted for 2026.
While Pancontinental has no direct scandals, a previous partner’s delays raised concerns.
SCANDALS
Namcor faced a significant US$700 million mismanagement scandal in 2023, leading to the suspension of some leaders.
Global Petroleum Limited, an Australian company based in Melbourne, holds a 78% stake in PEL 94, with Namcor holding 17% and Aloe Investments 5%.
The company has invested US$30 million in seismic surveys, with an additional US$20 million planned for this year.
PEL 94 holds an estimated 2.747 million barrels of prospective resources, with drilling targeted for later this year.
While the company has not been involved in scandals, its stock has shown volatility due to funding risks.
Another one is Eco Oil & Gas, which holds 85% interest in PELs 97, 98, 99, 100.
The company is headquartered in Toronto, Canada, with Namcor holding 10% and Moonshade Investment 5%.
The company has invested US$100 million, including US$60 million in seismic surveys across a substantial 28 593 square kilometres.
The Osprey prospect within PEL 97 is estimated to hold 882 million barrels. In 2019, the company faced shareholder lawsuits following hype surrounding its Guyana prospects.
Pancontinental Energy NL, based in Perth, Australia, holds a 30% stake in PEL 37, alongside Tullow Namibia (35%), ONGC Videsh (30%), and Paragon (5%).
The majority of the US$40 million invested in the block was funded by Tullow.
The licence is currently in a renewal phase, and no recent drilling has occurred.
ONSHORE EXPLORATION: KAVANGO BASIN
Reconnaissance Energy Africa (ReconAfrica), based in Calgary, Canada, holds a 90% interest in PEL 73, with Namcor owning 10%.
The company has invested US$150 million, including US$80 million in seismic surveys and US$70 million in drilling wells.
ReconAfrica has faced accusations of environmental damage in the Okavango Delta between 2021 and 2023, leading to lawsuits.
OTHER KEY PLAYERS
ExxonMobil, which holds interests in PELs 86, 89, 95 is headquartered in Spring, Texas, United States (US), has invested US$200 million in seismic surveys across these PELs in the Namib Basin, with an additional US$100 million planned for drilling activities in 2026.
These blocks are currently in the early stages of exploration.
ExxonMobil has a history of environmental incidents, including the Exxon Valdez oil spill in 1989, and faced climate misinformation lawsuits in 2021.
Namcor likely holds a 10% stake in these licences.
Another player is Tower Resources plc, based in London, United Kingdom, which has invested US$20 million in seismic surveys and analysis on PEL 96.
The company has identified multibillion-barrel structural prospects within the block.
Monitor Exploration Limited, a London-based company, holds a 75% interest in PEL 93, with 88 Energy owning 20%, Namcor 10%, and Legend Oil Namibia 15%.
Monitor has invested US$15 million in seismic surveys, with an additional US$10 million planned for 2025.
The company has identified 10 structural closures within the Owambo Basin, with a resource estimate expected this year still.
No scandals have been reported for Monitor Exploration.
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