How Much Oil in Namibia? Complete Resource Breakdown 2026
20+ billion barrels discovered across Orange, Walvis, and Luderitz basins since 2022. Shell's Graff: 3+ billion. Galp's Mopane: 10+ billion. TotalEnergies' Venus: 2.6 billion. Your complete guide to Namibia's proven oil resources.
The short answer: Namibia has discovered over 20 billion barrels of oil in place (BOIP) across 14+ successful wells since 2022, making it one of the world's largest offshore oil discoveries in the past decade.
But that number doesn't tell the full story. Let's break down exactly how much oil has been found, where it is, who found it, and what it means for investors.
Diversified Exposure to Namibia's 20+ Billion Barrel Discovery
Stamper Oil & Gas holds working interests and carried interests across 5 blocks spanning all 3 major basins—Orange, Walvis, and Luderitz. Strategic positioning alongside Shell, TotalEnergies, and Galp discoveries.
GET DETAILED INVESTOR INFORMATION →Total Discovered Oil: Basin-by-Basin Breakdown
Orange Basin: 16+ Billion Barrels (Proven)
The Orange Basin, offshore southern Namibia, is the star of the show. It's a mirror image of the highly productive Guyana-Suriname basin on the other side of the Atlantic.
Orange Basin Major Discoveries
1. Galp - Mopane Discovery (PEL 83)
- • Discovered: January 2024
- • Estimated resources: 10+ billion barrels BOIP ⭐⭐⭐
- • Status: Appraisal ongoing (5 wells completed)
- • Notable: Largest discovery in Namibia to date
- • Partners: Galp 80% (operator), NAMCOR 10%, Custos 10%
2. Shell - Graff/La Rona (PEL 39)
- • Discovered: February 2022 (Graff), 2024 (La Rona)
- • Estimated resources: 3-4 billion barrels BOIP
- • Status: Moving toward FID (Q2-Q3 2027 expected)
- • Notable: First major Namibia discovery
- • Partners: Shell 90% (operator), NAMCOR 10%
3. TotalEnergies - Venus (PEL 56)
- • Discovered: February 2022
- • Estimated resources: 2.6 billion barrels BOIP
- • Status: Appraisal complete, FID targeted 2027
- • Partners: TotalEnergies 40%, QatarEnergy 30%, Impact 20%, NAMCOR 10%
4. Rhino Resources - Prospect AO (Multiple blocks)
- • Status: Exploration ongoing
- • Estimated potential: 1-2 billion barrels (unproven)
Orange Basin Total: 15.6-16+ billion barrels (proven)
*Additional prospects could add 5-10 billion more
Walvis Basin: 1-3 Billion Barrels (Early Stage)
The Walvis Basin, located offshore central Namibia, is less explored but showing promise.
Walvis Basin Discoveries & Prospects
1. Galp - Mangetti (PEL 83 extension)
- • Status: Oil shows confirmed in 2025
- • Estimated: 0.5-1 billion barrels (preliminary)
- • Next steps: Appraisal drilling 2026-2027
2. ReconAfrica - Kavango Basin (onshore/offshore transition)
- • Status: Exploration phase (controversial)
- • Potential: 1-2 billion barrels (highly speculative)
- • Note: Not confirmed commercial oil yet
Walvis Basin Total: 0.5-3 billion barrels (early estimates)
Luderitz Basin: 2-5 Billion Barrels (Frontier)
The Luderitz Basin, offshore southern Namibia, remains largely unexplored but holds significant potential based on geological similarities to the Orange Basin.
Luderitz Basin Status
- • Exploration status: Limited drilling to date
- • Operators: Chevron, Total, Shell (various blocks)
- • Resource potential: 2-5 billion barrels (geological estimates)
- • Timeline: Drilling campaigns expected 2026-2028
Luderitz Basin Total: 2-5 billion barrels (unproven potential)
Grand Total: How Much Oil Has Namibia Really Found?
Namibia Total Discovered Resources (2026)
*BOIP = Barrels of Oil in Place. Recoverable oil typically 25-40% of BOIP, meaning 4.5-9.6 billion barrels could be ultimately produced.
How Does 20+ Billion Barrels Compare Globally?
To put Namibia's 20+ billion barrels in perspective, let's compare to other major offshore discoveries:
| Region/Country | Discovered Resources | Discovery Period |
|---|---|---|
| Namibia | 20+ billion barrels | 2022-2026 (4 years) |
| Guyana | 11 billion barrels | 2015-2024 (9 years) |
| Suriname | 5-7 billion barrels | 2020-2024 (4 years) |
| Senegal (SNE field) | 2.5 billion barrels | 2014-2020 (6 years) |
| Brazil Pre-Salt (new) | 30+ billion barrels | 2006-2026 (20 years) |
Key takeaway: Namibia's 20+ billion barrels in just 4 years makes it the fastest-growing offshore oil province outside of Brazil.
Breaking Down "Barrels of Oil in Place" (BOIP)
When companies announce discoveries, they report "barrels of oil in place" (BOIP) or "oil initially in place" (OIIP). But this is NOT the same as recoverable oil.
Understanding Recovery Rates
1. Oil in Place (BOIP):
Total oil in the reservoir rocks. Not all can be extracted.
2. Recovery Factor:
The percentage that can be economically produced. Typically 25-40% for offshore deepwater.
3. Recoverable Resources:
BOIP × Recovery Factor = What will actually be produced.
For Namibia:
- 20 billion barrels BOIP
- × 30-40% recovery factor (deepwater average)
- = 6-8 billion barrels ultimately recoverable
At current oil prices ($75-85/bbl), that's $450 billion - $680 billion in gross revenue over 20-30 years of production.
Who Found What: Operator Breakdown
Galp (Portugal)
10+ billion
Mopane discovery (PEL 83)
Status: Appraisal phase
FID: 2027-2028 expected
Shell (Netherlands)
3-4 billion
Graff/La Rona (PEL 39)
Status: Pre-FID
FID: Q2-Q3 2027 target
TotalEnergies (France)
2.6 billion
Venus discovery (PEL 56)
Status: Appraisal complete
FID: 2027 expected
Others (Exploration)
3-6 billion
Walvis + Luderitz potential
Operators: Chevron, Eco Atlantic
Status: Early exploration
Is There More Oil to Find?
Short answer: Absolutely.
The 20+ billion barrels discovered so far represent only a fraction of Namibia's potential:
Undiscovered Potential (Geological Estimates)
- • Orange Basin (undrilled areas): 10-20 billion additional barrels
- • Walvis Basin (frontier): 5-10 billion barrels
- • Luderitz Basin (largely unexplored): 5-15 billion barrels
- • Total undiscovered potential: 20-45 billion barrels
Combined (discovered + undiscovered): 40-70 billion barrels
*Estimates based on seismic data, analogues (Guyana/Brazil), and geological models
When Will Namibia Start Producing Oil?
Having oil in the ground is one thing. Getting it out is another. Here's the production timeline:
Q4 2029: First Oil (Shell)
Graff/La Rona FPSO arrives, first barrels flow. Initial production: 100,000 bbl/day.
2030: TotalEnergies + Galp Start
Venus and Mopane Phase 1 FPSOs operational. Combined production: 250,000-350,000 bbl/day.
2031-2035: Production Ramp-Up
Additional FPSOs deployed. Peak production: 500,000-750,000 bbl/day.
By 2040: Major Producer Status
Namibia producing 1+ million bbl/day, rivaling Angola and Nigeria.
What This Means for Investors
Namibia's 20+ billion barrels of discovered oil (with 20-45 billion more potential) creates a unique investment opportunity:
Why the Oil Volume Matters
- Critical Mass Achieved: 20+ billion barrels justifies massive infrastructure investment (FPSOs, ports, pipelines).
- Multi-Decade Production: At 500,000 bbl/day, 6-8 billion recoverable barrels = 33-44 years of production.
- Scale Attracts Majors: Shell, TotalEnergies, Galp, Chevron only invest billions where resource scale justifies it.
- Early-Stage Valuations: Most oil won't flow until 2029+, meaning current company valuations don't reflect full potential.
- Multiple Discoveries = Lower Risk: 14+ successful wells in Orange Basin alone = proven petroleum system.
How to Value a 20 Billion Barrel Discovery
Industry rule of thumb: $1-5 per barrel in the ground for pre-production discoveries, depending on risk and development costs.
| Scenario | $ per Barrel | Total Value (20B bbls) |
|---|---|---|
| High Risk (pre-appraisal) | $1/bbl | $20 billion |
| Moderate (appraisal phase) | $2-3/bbl | $40-60 billion |
| Post-FID (approved) | $4-5/bbl | $80-100 billion |
| Producing (cash flow) | $8-12/bbl | $160-240 billion |
Current status (January 2026): Most discoveries are in appraisal phase = $2-3/bbl = $40-60 billion total value.
Post-FID (2027+): Value doubles to $80-100 billion as production risk is eliminated.
The Bottom Line: 20+ Billion Barrels and Growing
Namibia has discovered 20+ billion barrels of oil across its offshore basins since 2022, with 6-8 billion barrels ultimately recoverable.
This puts Namibia on par with Guyana (which has transformed from zero to 600,000+ bbl/day in 7 years) and positions it as Africa's next major oil producer.
Key Numbers to Remember
- ✅ 20+ billion barrels discovered (2022-2026)
- ✅ 6-8 billion barrels ultimately recoverable
- ✅ $450-680 billion gross revenue potential
- ✅ 14+ successful wells (87% success rate)
- ✅ 5 supermajors actively exploring/developing
- ✅ First oil 2029 (Shell Graff/La Rona)
- ✅ 20-45 billion more potentially undiscovered
For investors, the opportunity is clear: Namibia has proven oil at scale, with world-class operators committed to development, and production just 3.5 years away.
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Invest in Namibia's 20+ Billion Barrel Discovery
Stamper Oil & Gas provides diversified exposure across Orange, Walvis, and Luderitz basins with strategic carried interests alongside Shell, TotalEnergies, and Galp. Position now for 2029 first oil and beyond.
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