4.000
%
Positive
23
mm boe
0
%
Exploration successes in the Orange basin, notably Venus and Mopane, have refocused attention on Namibia, and the commercialisation of NAMCOR supports the outlook. The government's local-content and possible state-participation ambitions are watch points. Outlook maintained because discoveries continue to advance towards development. Outlook: Positive. Risk premia unchanged at 4%.
October 7, 2026
Africa - South
mm bbl
bcf
Southern Africa, bordering the South Atlantic Ocean, between Angola and South Africa.
Concession
Relatively simple Concession-based fiscal regime with new terms introduced for the most recent, third and fourth licensing rounds. Royalty and Petroleum Income Tax rates are fixed and payable. There is an additional profits tax payable on a sliding scale linked to contractors rate of return, which kicks in at anything over a threshold IRR (currently 15%).
Netumbo Nandi-Ndaitwah became Namibia's first female president in March 2025, maintaining a stable democracy. US and UK guidance cite good governance relative to the region, but note local-ownership policies, skills shortages and high unemployment. The EIA highlights the Orange basin discoveries, notably TotalEnergies' Venus and Galp's Mopane. The government aims for first oil around 2029–30, while green hydrogen (Hyphen) and the long-delayed Kudu gas project are further opportunities.
Source: ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data.
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