Namibia is preparing to take a step into the oil and gas industry, as the country positions itself to start processing crude oil once production begins. With major oil discoveries made in 2022, Namibia is becoming a new hotspot for global energy companies and investors.
Among the companies eyeing Namibia’s oil potential is TSE Oil and Gas, a player in the energy sector. The excitement surrounding the country’s oil prospects has led to increased international interest, with investors knocking on the door, eager to get involved.
As interest in Namibia’s oil and gas potential continues to rise, Namibia energy firm TSE Oil and Gas has become the latest company ready to begin exploration in the Walvis Basin. With €80 million (N$1.6 billion) programme already planned, the company is now waiting on final government approval to kick off operations.
TSE Oil announced its readiness to start exploration activities in Block 2312, an area located offshore in the Walvis Basin. The company’s plans include detailed seismic surveys and the drilling of two exploratory wells a critical step toward confirming commercial oil reserves.
Chief executive officer Thomas Shindi confirmed that TSE submitted its application for a Petroleum Exploration Licence (PEL) back in 2022 and is currently awaiting the green light from the Ministry of Mines and Energy.
“We are ready. The funds are secured, the programme is in place, and now we are waiting for the necessary approvals,” said Shindi.
Community investment commitments
TSE has committed to a N$5 million annual CSI Fund for four years, with an option to extend for an additional two years. The fund focuses on education, mental health and community development.
Beneficiaries to date include: Busyland Kindergarten, Maltahöhe Community Trust, three schools in the Maltahöhe area, Centaurus High School, Mariental High School, Unicare Foundation (focused on mental health and addiction), Tigers Sports Club.
“When we launched the CSI Fund, we started with six entities. We want to give back to Namibian communities, particularly focusing on children’s mental health and education,” said Shindi.
Block 2312 Exploration Potential
The block contains 6,100 km² of 3D seismic data and 4,700 line-kilometres of 2D seismic data. A previous operator estimated mean prospective resource of 1.1 billion barrels of oil.
The area lies near the Murombe-1 and Wingat-1 wells, which played a pivotal role in confirming the hydrocarbon potential of Namibia’s offshore region.
TSE, founded in 2012, holds a 20% stake in the project alongside state-owned NAMCOR, which holds 10%. Australian firm Grand Gulf Energy acquired 100% of Wrangel Resources, which owns a 70% stake in the block. The application is still under review by the ministry.
Namibia has set its sights on producing 150 million barrels of oil by 2030, according to the newly launched Sixth National Development Plan (NDP6), as the country ramps up its ambitions in the oil and gas sector.
NDP6 was launched by President Netumbo Nandi-Ndaitwah last week, outlining key national targets across multiple sectors, including energy.
The oil production goal follows major offshore discoveries in the Orange Basin since 2022, which have attracted significant exploration interest.
The country is estimated to hold 11 billion barrels of oil and 2.2 trillion cubic feet of natural gas. By 2024, 28 offshore and 10 onshore exploratory wells had been drilled, along with 15 appraisal wells, involving international oil majors in partnership with the National Petroleum Corporation of Namibia (Namcor).