Following substantial offshore oil discoveries, Namibia aims to attract private investment for a 40 billion Namibian dollar ($2.1 billion) expansion of its port infrastructure.
The initiative, centered in Walvis Bay and Luderitz, entails creating fresh berths and quay walls to facilitate drilling services. According to Andrew Kanime, the Chief Executive Officer of the Namibian Ports Authority, the project’s commencement is projected for the last quarter of next year and is anticipated to conclude within a maximum of three years.
TotalEnergies SE and Shell Plc are evaluating recent oil finds that could hold an estimated 7 billion barrels of oil equivalent, according to consultant Wood Mackenzie. Activity offshore the country has accounted for 13% of rigs working in African waters, bolstering its status as an exploration hotspot.
Namibia could reach its first crude production as early as 2029, state oil company Namcor said. Neighboring Angola is Africa’s second-biggest oil producer.
The expansion plans also include building a second port in the town of Luderitz as well as other extensions to cater for multiple-platform vessels. Namport will provide land for the development and then invite private companies to establish operations, according to Kanime.
“We’re transitioning to a landlord model as a port authority,” he stated, emphasizing, “Our aim is to attract private firms with strong technical know-how and financial capabilities to invest in this sector.”
