Namibia Eyes Investment Rebound on Uranium, Oil, and Green Hydrogen Projects
Namibia expects a strong rebound in foreign direct investment (FDI) this year following a 25% decline in 2024, driven by the restart of uranium operations and increased activity in oil exploration and green hydrogen projects.
The southern African country is actively positioning itself to attract renewed capital in these strategic sectors, according to Francois van Schalkwyk of the Namibia Investment Promotion and Development Board.
“Several international oil companies are continuing to invest not only in exploration but also in supporting services for future development,” he noted.
“We anticipate that at least one company could reach a final investment decision (FID) either later this year or early next year.”
Namibia is on the cusp of becoming a significant oil and gas producer, following offshore discoveries in the Orange Basin by BP and TotalEnergies. Total’s Venus discovery is expected to reach a final investment decision in 2025.
The country is also advancing efforts to become a leading player in green hydrogen. “Although pricing, especially for green hydrogen, remains a challenge, we’re seeing promising developments in sectors where hydrogen has clear applications,” said van Schalkwyk. “We expect at least one large-scale project to reach FID within the next year.”
As the world’s third-largest uranium supplier, Namibia is benefiting from improved uranium prices.
“While not at their peak, current prices have supported the restart of several mines that were previously placed under care and maintenance during the pandemic,” he explained. “These mines have resumed operations, and we are now seeing active production across the uranium industry.”
New investments are also underway, with the goal of bringing three additional uranium mines online within the next five years.
