‘JACKPOT’ OIL DISCOVERIES MAY HELP NAMIBIA DOUBLE GDP BY 2040

WINDHOEK - Namibia expects its biggest oil dis coveries since indepen dence to help double its economy by 2040, Jennifer Comalie, chairperson of National Petroleum Corp. of Namibia, said in a Bloomberg TV interview.

TotalEnergies in February said it had made a “signif icant” oil discovery off the coast of Namibia, three weeks after Shell announced a find off the southwest African nation.

Explorers have drilled more than a dozen exploration wells in search of oil and gas. Consultants Woo Mackenzie estimated the com bined recoverable finds at al most four billion barrels.

“More than 30 years of ex ploration and we finally we hit the jackpot,” Comalie said in the interview at the sidelines of the Qatar Economic Forum on Tuesday, without giving a timeline for production.

“At peak, these two discov eries could bring $5.6 billion to a very small economy.”

TotalEnergies and Shell executives have warned that the discoveries still await an appraisal stage to accurate ly determine their size. The $11-billion economy is bank ing on the discoveries to boost its budget and create more jobs in a nation with one of the world’s largest unemploy ment rates.

With countries and com panies pledging to hit their net zero targets around 2050, Namibia has about a decade to develop and make the most of the recent finds.

The oil and gas industry is also known for lengthy devel opments, particularly in areas that don’t have established infrastructure. In Uganda, development of major oil re serves first discovered in 2006 has only just started and the crude won’t reach interna tional markets until 2025. Namibia plans on reaching production by 2028 if the pro cess is accelerated.

The country also sees a “massive opportunity” in green hydrogen, Comalie said. Green bonds are being considered to fund projects that use renewable energy to produce hydrogen for export. – BLOOMBERG NEWS.