Namibia's Economic Revival: Oil, Uranium, and Green Hydrogen Projects
Key Ideas
  • Foreign direct investment in Namibia expected to rebound after a 25% decline in 2024, with a focus on uranium, oil exploration, and green hydrogen projects.
  • Global companies like BP and TotalEnergies investing in offshore oil exploration in the Orange Basin, with Total's Venus discovery set for a final investment decision next year.
  • Namibia positioning itself as a key player in green-hydrogen development, with anticipation of larger-scale projects reaching final investment decisions within the next year.
  • Anticipated boost in uranium sector with improved prices, leading to the restart of several mines and the expectation of three new mines coming online within the next five years.
Namibia is expecting a rebound in foreign direct investment after a 25% decline in 2024, with a focus on key sectors like uranium, oil exploration, and green hydrogen projects. Francois van Schalkwyk, an executive at the Namibia Investment Promotion and Development Board, highlighted the country's efforts to attract capital in these areas. Global companies such as BP and TotalEnergies are ramping up offshore oil exploration in the Orange Basin, with Total's Venus discovery set for final investment decision next year. Namibia is also looking to establish itself as a significant player in green-hydrogen development, despite challenges with hydrogen pricing. The country anticipates final investment decisions on larger-scale projects within the next year. Additionally, Namibia's uranium sector is expected to see growth due to improved prices, leading to the restart of mines previously under care and maintenance. Van Schalkwyk mentioned the expectation of three new mines coming online within the next five years, indicating a positive outlook for Namibia's economic development.
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