Namibia’s energy potential has been on full show for the last few years. As it stands, this possibility has piqued the interest of a significant global power, Russia, which appears to be interested in a nuclear agreement with the Southern African country.
- Namibia’s energy potential has attracted the interest of Russia for a nuclear agreement.
- Namibia could become the fourth-largest oil-producing nation in Africa within the next decade.
- The country has discovered significant oil reserves off its coast, potentially reaching a production capacity of 700,000 barrels per day by 2024.
In May 2024, the Organization of the Petroleum Exporting Countries, OPEC+ oil producers coalition, noted that it was considering Namibia for potential membership.
At the time, experts deduced that within the next decade, Namibia could be the fourth-largest oil-producing nation in Africa.
OPEC’s push to insert Namibia into the group was a result of the discovery of large reserves of oil within the country’s borders.
A year earlier light oil was discovered 270 kilometers (km) off the coast of Namibia, according to the National Petroleum Company of Namibia (NAMCOR) and its partners in the Jonker-1X deep-water exploration project, Shell and Qatar Energy.
By 2024, it was estimated that Namibia could be at a production capacity of 700,000 barrels per day (bpd).
Namibia and Russia’s nuclear prospect
The country’s energy potential alongside its displeasure with the West, could well be the catalyst that has led to its recent development with Russia.
As recently reported by Bloomberg, Namibia has slowly begun discussing the prospect of a nuclear plant, in partnership with Russia.
President Netumbo Nandi-Ndaitwah of Namibia and Russian Deputy Prime Minister Yury Trutnev met in a bid to strengthen nuclear energy cooperation in the continent’s largest uranium producer, as per the report.
In a meeting on Tuesday in Windhoek, the capital, the Namibian leader “highlighted the need for stronger cooperation with the Russian Federation in the areas of energy.”
Alfredo Hengari, the presidency’s press secretary, said in a video statement, “Russia is a key player in the nuclear energy sector and Namibia is rich in uranium.”
As alluded to earlier, Namibia has been looking for methods to establish domestic processing and refining businesses to supplement its natural resources, which might attract investment and increase job development.
