Another African Powerhouse

3rd May 2024:Oil discoveries in Namibia show significant potential Namibia is a country on the West Coast of Southern Africa, wedged in between Angola and South Africa. It a large country in a geographical sense (slightly smaller than Venezuela and Pakistan), but small in terms of population. Namibia’s population is estimated to be around 2.6 million people, making it the second least densely populated country in the world (after Mongolia). According to the World Bank, Namibia is politically stable, has a professional bureaucracy and good infrastructure. The Namibian economy has traditionally been driven by two main sectors: mining (uranium and diamonds being the most important) and tourism. However, in the not-too-distant future, hydrocarbons (mainly oil, but there is significant potential for gas as well) will also become a major economic driver for Namibia. Oil companies, such as TotalEnergies, Shell, and more recently Portugal’s Galp Energia, have all made major discoveries in deep waters offshore Namibia. Other majors, such as ExxonMobil and Chevron also control acreage in the region. Towards the end of this decade, Namibia will likely become a sizeable oil producer and exporter, providing significant employment opportunities for crude oil tankers. Please fill below form to continue read.