Namibia is experiencing an economic boom due to recent oil discoveries off its coast.
The discoveries, made by companies like TotalEnergies, Shell, and Galp, have been successful, with multiple wells hitting oil around 80% of the time.
The finds could be on the scale of resources in Guyana, which became the world’s fastest-growing economy after major discoveries.
Namibia’s oil discoveries could transform the nation’s economy, potentially doubling GDP by 2040.
The country is investing in infrastructure to support drilling, including upgrades at its ports and the development of a liquid mud plant.
International interest in Namibia’s oil potential is growing, with companies like Exxon Mobil and Chevron evaluating bids for stakes in the discoveries.
The country’s oil industry is expected to be dominated by large companies with the deepest pockets, according to analysts.