Namibia anticipates a final investment decision (FID) to be made by operators on the Venus-1X and Graff-1X deepwater oil discoveries by the end of 2024, according to Namibian Minister of Finance, Iipumbu Shiimi.
The Venus-1X and Graff-1X oil discoveries, made in 2022 by multinational energy companies TotalEnergies and Shell, respectively, are estimated to contain up to 11 billion barrels of crude oil and transform Namibia’s $13-billion economy.
Minister Shiimi indicated that FID on Shell’s Graff-1X discovery will likely follow that of TotalEnergies by about six months, as the two companies continue to complete appraisal and feasibility assessments. First oil production is expected by 2029.
The Minister also announced that Namibia plans to establish a sovereign wealth fund to manage a portion of anticipated oil revenues for future generations. Draft legislation outlining the fund’s governance framework is underway and is expected to be presented to lawmakers by year-end.
