Namibia projects its biggest oil discoveries since independence will help double its gross domestic product (GDP) by 2040.
TotalEnergies in February said it had made a “significant” oil discovery off the coast of Namibia, three weeks after Shell Plc announced a find off the southwest African nation.
Explorers have drilled more than a dozen exploration wells in search of oil and gas, with estimated combined recoverable finds at almost 4 billion barrels.
“At peak, these two discoveries could bring $5.6 billion to a very small economy,” says Jennifer Comalie, chairperson of National Petroleum Corp. of Namibia.
Nevertheless, TotalEnergies and Shell executives have warned that the discoveries still await an appraisal stage to accurately determine their size.
The $11-billion economy is banking on the discoveries to boost its budget and create more jobs in a nation with one of the world’s largest unemployment rates.