Namibia is on the brink of a significant transformation in its oil industry, propelled by major discoveries by industry titans TotalEnergies and Shell off its coast in the Orange Basin. These significant reserves are expected to come into production from 2030 onwards, piquing the interest of the OPEC+ alliance, which is now considering Namibia for membership.

Reports from Reuters indicate that Namibia, situated in Southern Africa, is poised to become a prominent player in the continent's oil production landscape by 2030. The allure of Namibia's oil reserves has prompted discussions between OPEC+ and Namibian authorities, aimed at integrating the nation into the Cooperation Charter and potentially securing its full-fledged membership in OPEC in the long run.

In February 2022, energy consultancy firm Wood Mackenzie estimated that the Venus field—where crude oil and associated gas were discovered by TotalEnergies off the coast of Namibia—would contain "at least 3 billion barrels of recoverable crude." According to Wood Mackenzie, the in-place resources exceed those of TotalEnergies' Girassol and Dalia fields in Block 17 in Angola, as well as those of the Akpo and Egina fields in Nigeria. This makes the Venus field one of the most significant oil discoveries ever made in sub-Saharan Africa.

In addition to offshore discoveries, Namibia has also witnessed onshore oil finds in recent years, hinting at its burgeoning potential as Africa's next oil hub. With estimates suggesting billions of barrels of recoverable crude in Namibia's Venus field alone, the country is poised to redefine its economic landscape through its burgeoning oil sector.