US$15-20 bn oil investment to reshape Namibia
Namibia is on the brink of a major economic transformation, with Nedbank Group CEO Jason Quinn forecasting a boom fuelled by multi-billion-dollar oil and gas investments in the Orange Basin.
Speaking after high-level talks with TotalEnergies, Quinn highlighted the potential of a final investment decision (FID) worth between US$15 and US$20 billion - a move he said could reshape the country’s economy for decades to come.
During his visit to Namibia, Quinn told the media that discussions with TotalEnergies underscored how transformative the projects could be if oil majors proceed with development. “Namibia has a very rough ocean, which makes the engineering complex. But they are on the brink of an FID, which could unlock US$15–20 billion. It will take around five years to build, and for 20 to 30 years after that, this economy will be transformed before our eyes,” he said.
Quinn added that Nedbank was ready to play its part, bringing both its strong balance sheet and track record in financing large-scale infrastructure projects. “The scale of this for Namibia is immense. We will, of course, look to partner on financing, and I believe we can participate very well,” he noted.
Beyond direct investment, Namibia stands to benefit from new value chains and industries linked to oil and gas. “The bigger opportunity is in the downstream effects,” Quinn explained. “Supporting infrastructure, supply chains, SMEs, and local content - these are huge priorities, and Nedbank Namibia, under Martha Murorua, is deeply engaged in how to unlock that potential.”
Earlier this year, TotalEnergies CEO Patrick Pouyanné also expressed confidence that the company would move forward with its Venus project in Namibia. Following a meeting with President Netumbo Nandi-Ndaitwah, he said: “I am comfortable with a final investment decision in Namibia. It will be in the US$18 billion range. We have strong projects that fit our criteria.”
Pouyanné emphasised that advancing Venus into production was a priority, while also confirming plans for further exploration in Namibia. The Venus block is believed to contain between 1.5 and 2 billion barrels of oil.
Speaking after high-level talks with TotalEnergies, Quinn highlighted the potential of a final investment decision (FID) worth between US$15 and US$20 billion - a move he said could reshape the country’s economy for decades to come.
During his visit to Namibia, Quinn told the media that discussions with TotalEnergies underscored how transformative the projects could be if oil majors proceed with development. “Namibia has a very rough ocean, which makes the engineering complex. But they are on the brink of an FID, which could unlock US$15–20 billion. It will take around five years to build, and for 20 to 30 years after that, this economy will be transformed before our eyes,” he said.
Quinn added that Nedbank was ready to play its part, bringing both its strong balance sheet and track record in financing large-scale infrastructure projects. “The scale of this for Namibia is immense. We will, of course, look to partner on financing, and I believe we can participate very well,” he noted.
Beyond direct investment, Namibia stands to benefit from new value chains and industries linked to oil and gas. “The bigger opportunity is in the downstream effects,” Quinn explained. “Supporting infrastructure, supply chains, SMEs, and local content - these are huge priorities, and Nedbank Namibia, under Martha Murorua, is deeply engaged in how to unlock that potential.”
Earlier this year, TotalEnergies CEO Patrick Pouyanné also expressed confidence that the company would move forward with its Venus project in Namibia. Following a meeting with President Netumbo Nandi-Ndaitwah, he said: “I am comfortable with a final investment decision in Namibia. It will be in the US$18 billion range. We have strong projects that fit our criteria.”
Pouyanné emphasised that advancing Venus into production was a priority, while also confirming plans for further exploration in Namibia. The Venus block is believed to contain between 1.5 and 2 billion barrels of oil.
