By: EINpress wire

Namibia is rapidly becoming a focal point in offshore oil and gas exploration, with recent discoveries vaulting the country onto investors’ radar. Major international energy companies have entered Namibian waters, drawn by significant finds of light, sweet crude in the Orange Basin and the country’s stable, investor-friendly environment. Although Namibia remains in the exploration phase, the momentum of discoveries and strategic initiatives signals that it is poised to become a notable producer on the global stage. Namibia’s leading financial institutions — First National Bank (FNB) Namibia and Rand Merchant Bank (RMB) Namibia — are playing a catalytic role in enabling inclusive, sustainable growth across the energy value chain.

Since 2022, a series of record-setting discoveries by Shell, TotalEnergies, Rhino Resources and Galp Energia have positioned Namibia as one of the most prolific exploration hotspots in Africa. With an estimated 9 billion barrels of oil equivalent (BOE) discovered to date, and projections placing Namibia among the top eight offshore oil producers by 2035, the country is poised to become a major player in the global energy landscape.

While international oil companies lead the charge offshore, FNB Namibia and RMB Namibia — both part of the FirstRand Namibia group — are ensuring that the benefits of this energy boom are felt across the Namibian economy. Their integrated strategy focuses on financing innovation, SME empowerment, infrastructure development, and alignment with national priorities such as local content and economic inclusion.

“As Namibia’s largest bank, we recognise our responsibility to support the growth of the country’s energy economy,” said Carly van der Merwe, Growth and Energy Sector Strategist at FNB Namibia. “Through RMB, FNB Commercial and FNB Retail, we have embedded ourselves in every layer of the oil and gas ecosystem. Our positioning is highly connected and plugged in, ensuring we are ready to support all players — from international oil companies and service providers to local businesses and the workforce.”

FNB Namibia brings to the table a century of banking experience and deep roots in financing Namibia’s mining and resource sectors. As the corporate and investment banking arm of FirstRand Namibia, RMB Namibia complements FNB’s on-the-ground SME focus with large-scale financing, advisory expertise, and international capital connections. RMB’s core objective is to position itself as a “knowledgeable, proactive partner” to the oil and gas industry and its broader ecosystem, filling the role of lead arranger for major projects and financial advisor to both investors and government.

FNB Namibia’s landmark partnership with Moneda Capital and Ino Capital Investments has already committed over N$1 billion to support Namibian SMEs in the oil, gas, and energy sectors. The Local Content Accelerator Programme, launched in 2025, is designed to scale local suppliers and contractors, providing them with the financial and operational support needed to participate meaningfully in the sector.

This ecosystem-centric approach extends beyond banking products. FNB Namibia has introduced innovative solutions such as invoice financing and niche offerings for expatriates and young professionals entering the sector. The bank’s sponsorship of the Petrofund further demonstrates its commitment to building local technical capacity and fostering economic inclusion.

“The energy transition is not linear,” said Angelique Peake, Head of Oil, Gas and Energy Resources at RMB Namibia. “While renewable energy is essential, oil and gas will remain central to meeting the world’s growing energy demands. RMB Namibia’s positioning connects us across the ecosystem — raising day to day financial enablement for the entire value chain, from corporate through to commercial and SME local suppliers.”

“We are seeing the effects of this connectivity on the ground — rapid infrastructure growth, thriving local services, and an energised investment climate. The activity in Namibia is palpable, and our role at RMB is to navigate the complexities, finance local and regional growth, and ensure that every player in the value chain has the support they need,” Peake added.

Rystad Energy projects Namibia could rank among the top eight offshore oil producers by 2035 if these finds are fully developed. TotalEnergies has indicated the Venus field alone may hold around 750 million barrels of recoverable oil, with plans for a development targeting 150,000 barrels per day by 2030 at peak. Another operator, Galp Energia, has suggested the Mopane prospect in its block could contain on the order of “10 billion barrels” (though appraisal is ongoing). Such figures underscore the transformational scale of Namibia’s oil endowment if early exploration results are validated.

Together, FNB Namibia and RMB Namibia are ensuring that no part of the oil and gas value stream is left unsupported. Their comprehensive suite of solutions — from specialist banking for individuals and businesses to strategic investment and ecosystem development — enables Namibia’s oil and gas sector to drive sustainable national growth and make lasting contributions to regional and global energy security.

With FNB Namibia and RMB Namibia, the future of Namibia’s energy transformation is not just supported — it is fully connected.

About FNB and RMB Namibia

FNB Namibia and RMB Namibia deliver the full spectrum of banking and investment solutions from Namibia. As part of FirstRand Namibia, the country’s largest listed financial services group by market capitalisation, they play a pivotal role in driving economic growth. FNB Namibia offers innovative retail and commercial banking services, leveraging advanced digital platforms to enhance accessibility. RMB Namibia specialises in corporate and investment banking, providing expertise in structured finance, advisory services, and capital markets to support infrastructure development and strategic investments. Together, FNB Namibia and RMB Namibia, through FirstRand Namibia, combine international standards with deep local insight to create sustainable value for clients, investors, and communities.

John Smith
World Business Outlook
+65 8615 9608

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