Namibia: The discovery of 20 billion barrels of oil
Namibia is one of the world’s most significant oil frontiers, with estimated offshore reserves of 20 billion barrels and a remarkable success rate, similar to the scale of discoveries that have transformed Guyana’s oil resources in the last decade.
And, while Guyana’s reserves are spread across 30 discoveries, Namibia’s are — so far —concentrated in just three major finds.
The Big Three
- Galp Energia’s Mopane field accounts for an estimated 10 billion barrels
- TotalEnergies’ Venus-1X discovery, accounting for approx 5.1 billion barrels. TotalEnergies recently revealed its Venus project will likely generate subsea contracts worth more than US$2.5 billion, and remains on track for a final investment decision (FID) in 2026, with new data confirming better density and permeability compared to surrounding blocks
- Shell’s Graff-1X and Jonker-1X, holding 5 billion combined
The scale of these finds has the potential to position Namibia as one of the world’s top 10 oil producers by 2035.
To put into perspective, in the chart below, Guyana’s estimated reserves are from 30 oil discoveries — all exceeded by just three major discoveries in Namibia.
While major oil companies like Total, Chevron and Exxon dominate the landscape, nimble junior companies, like Supernova Metals, are carving out meaningful positions, offering investors upside in a basin attracting the biggest names in oil.
However, there are also significant challenges to developing the region.
