148. Global Typical Basin Petroleum Systems: (13) New Discoveries and Hotspots in Global Oil & Gas Exploration—Offshore Namibia

Wood Mackenzie, a globally renowned energy consultancy, released its 2024 'Exploration Survey Results': Italy’s Eni achieved an unprecedented fifth consecutive win of the upstream industry’s 'Most Respected Exploration Company'; Shell received the 'Discovery of the Year Award'; Portugal’s Galp Energias won the 'E&P Explorer of the Year Award'; and Malaysia’s national oil company, Petronas, was awarded the 'National Oil Company Explorer of the Year Award'. These exploration accolades stem primarily from major hydrocarbon discoveries in two key areas: offshore Namibia and offshore Suriname. 1. Offshore Namibia The Orange Basin offshore Namibia now rivals Guyana’s Stabroek Block in hydrocarbon resource potential (Feiyu Wang: 134. Global Typical Basin Petroleum Systems: (7) Stabroek Block Offshore Guyana—Reservoirs and Hydrocarbon Migration and Accumulation). According to data from Namibia’s national oil company, NAMCO, the Orange Basin holds proven reserves of 11 billion barrels of light oil and 2.2 trillion cubic feet of natural gas. Currently, ExxonMobil, Shell, TotalEnergies, and Equinor are considering bidding for a 40% stake in Galp Energias’ Mopane field—marking the onset of a surge in oil exploration and development activities offshore Namibia.

Avoiding the Middle East! International Energy Majors Focus on Africa, Heavily Investing in Ultra-Deepwater Projects

In April 2026, TotalEnergies simultaneously advanced multiple projects across Africa. It committed an additional $500 million for drilling at Moho Nord in Congo; first oil from Tilenga in Uganda is imminent; Mozambique’s $20-billion LNG project has fully resumed operations; Venus offshore Namibia is targeting a final investment decision by year-end; and drilling permits for Blocks 3B/4B offshore South Africa remain pending. These five projects span both mature assets and frontier exploration—and collectively, Africa now accounts for half of TotalEnergies’ global production. As Mike Sangster, TotalEnergies’ Senior Vice President for Africa, stated: 'Africa remains central to our exploration strategy—and the largest share of our exploration budget is allocated to Africa.' Geopolitical uncertainty is the fundamental driver accelerating capital reallocation. Through TotalEnergies’ African footprint—and in conjunction with moves by other majors such as ExxonMobil, Chevron, and bp—the global oil & gas industry’s response to a complex operating environment becomes clear: diversifying portfolios across regions mitigates overreliance on any single area, thereby achieving dual objectives—risk mitigation and long-term growth. A panoramic view of strategic divergence among majors: Who’s sprinting ahead—and who’s holding back? For decades, global oil & gas resources have been highly concentrated, with the Middle East serving as the traditional core producing region. Yet its inherent geopolitical uncertainties—compounded by output volatility in any single region—can trigger cascading supply disruptions worldwide, exposing majors overly dependent on this area to substantial investment risks. For international oil majors, excessive regional concentration not only heightens operational uncertainty but may also constrain long-term corporate growth. Consequently, breaking away from single-region dependency and pursuing diversified investment portfolios has become an industry-wide imperative—to navigate geopolitical risk and ensure sustainable development. ExxonMobil has chosen to re-enter Africa and make a major commitment to deepwater Nigeria. In April this year, ExxonMobil notified Nigeria’s Upstream Petroleum Regulatory Commission of an investment plan totaling $24 billion across multiple deepwater projects. Of these, the Bosi project alone carries a price tag of $15–16 billion—representing the largest single deepwater investment by an international oil company in Africa in recent years. Chevron, by contrast, has placed its bets on South America. In April this year, Chevron signed a series of agreements with the Venezuelan government, significantly expanding its presence in the Orinoco Heavy Oil Belt through asset swaps. In January, Chevron announced plans to increase its Venezuelan oil production by 50%. Unlike ExxonMobil and TotalEnergies—which are intensively investing across Africa—Chevron has opted for a different path: deepening its foothold in existing asset bases, boosting output via asset swaps rather than large-scale new developments. bp’s recent strategic focus has centered squarely on global exploration hotspots—particularly Namibia—where it has strengthened its presence in this emerging hydrocarbon province through acquisition of exploration blocks and advancement of resource appraisal. This move serves to reduce overreliance on any one region, hedge against geopolitical risk, and secure long-term sustainability. In mid-April this year, bp acquired a 60% operatorship interest in three offshore Namibian exploration blocks from Eco Atlantic Oil & Gas—marking the company’s formal entry into this southern African nation as an operator. Unlike TotalEnergies—which has already secured the giant Venus discovery in the Orange Basin—bp’s involvement remains at the early exploration stage: a low-cost 'follow-on' strategy whereby modest initial capital secures a strategic position, deferring larger commitments until geological understanding matures.

Namibia and TotalEnergies Remain in Oil Development Talks as Year-End Nears

Oct 14, 2026

TotalEnergies and Namibia continue negotiations for the Venus oil project, targeting first production by 2030 after missing a 2025 sanctioning deadline. Talks remain ongoing as the company aims for a final investment decision before year-end.

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