Namibia’s Orange Basin is rapidly emerging as one of the world’s most promising oil and gas regions, according to the latest “Where to Invest in Africa” report by Rand Merchant Bank (RMB).
The report highlights Namibia’s burgeoning oil and gas industry as a key factor in enhancing its attractiveness to investors.
Currently ranked as the 18th most appealing investment destination on the continent, Namibia’s potential in this sector could significantly boost its standing in the coming years.
“Namibia’s offshore oil and gas discoveries are among the most exciting prospects in Africa today. The Orange Basin, in particular, is gaining global attention, and as noted by the Financial Times, it has the potential to transform Namibia into the world’s newest petro-state,” the report states.
However, the report cautions that the future economic benefits of these discoveries will depend on Namibia’s ability to successfully commercialize its oil reserves and manage the resulting wealth effectively through a sovereign wealth fund.
To date, Shell has announced four major discoveries in Namibia’s waters: Graff, La Rona, Lesedi, and Jonker. Additionally, French oil giant TotalEnergies has made a significant discovery at the Venus prospect in block 2913B, located in the southern part of the Orange Basin.
Looking ahead, Namibia’s National Petroleum Corporation predicts that between 2033 and 2043, the oil and gas sector could contribute an average of US$17 billion annually to the country’s GDP.
The “Where to Invest in Africa” report, developed in collaboration with the Gordon Institute of Business Science (GIBS), offers a detailed analysis of the top investment destinations across the continent. It draws on data from respected global institutions such as the World Bank, the IMF, the African Development Bank, the United Nations, and the International Labour Organisation.
“Africa is a vast and diverse continent with a wide range of cultures, economies, and investment opportunities. Our report is not intended as a definitive guide but as a resource to help uncover the underlying factors driving a country’s economic performance. These insights are invaluable for investors, policymakers, and business leaders navigating Africa’s complex economic landscape,” said RMB Chief Economist, Isaah Mhlanga.
