TotalEnergies has made a substantial investment of N$5.7 billion in Namibia’s oil sector, focusing on exploring, developing, and acquiring oil assets.
This significant commitment reflects the company’s confidence in Namibia’s energy resources.
The investment aims to support exploration and appraisal activities in Namibia’s oil sector, with the aim of discovering the country’s untapped energy resources.
TotalEnergies’ N$5.7 billion investment in oil exploration in 2024 demonstrates its strong commitment to advancing the oil industry in Namibia.
This investment is part of the company’s broader strategy to strengthen its presence in the region and leverage Namibia’s considerable oil reserves.
They aim to explore, develop, and acquire oil assets while also increasing their presence in low-carbon energies.
TotalEnergies plans to increase oil and gas production and invest in low-carbon energies, aiming to reduce carbon intensity and Scope 3 oil emissions by 2030.
They are also developing an integrated power model to expand their power generation capacity.
The renewable energy sector in Namibia offers job opportunities in offshore drilling, seismic surveys, engineering, supply chain management, and logistics.
TotalEnergies’ investment is expected to stimulate the economy by attracting foreign direct investment (FDI), fostering technology transfer, and creating a skilled workforce.
The sector’s growth suggests potential for educational programs, vocational training, and partnerships with educational institutions to equip the local population with necessary skills.
The oil sector’s development in Namibia can attract foreign direct investment (FDI), increasing economic activity and infrastructure.
It can also boost government revenues through taxes and royalties, supporting public services. Additionally, it can aid economic diversification, reduce reliance on one industry, and create jobs while stimulating local industries.
Enhancing Namibia’s energy security involves diversifying energy sources through the development of oil and gas assets.
This reduces reliance on imported fuels or a single domestic source. TotalEnergies’ investments can increase domestic energy production, lessening dependence on imported resources.
Additionally, developing domestic oil and gas resources can create jobs, boost government revenues, and grow local industries, contributing to national stability and security.
TotalEnergies is dedicated to reducing its carbon footprint and environmental impact.
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They aim to decrease the carbon intensity of their energy mix and reduce Scope 3 Oil emissions, setting absolute emissions targets and investing in renewable energy.
Pursuing a multi-energy strategy, TotalEnergies integrates oil, gas, LNG, and renewables for cleaner, more affordable energy.
They’re focused on reducing production mix carbon intensity and methane emissions, while diversifying energy offerings to promote renewables, aiming to be a major player in the energy transition.
TotalEnergies is committed to a diverse and sustainable energy portfolio, adopting a multi-energy approach that integrates oil, gas, and renewables.
They aim to reduce the proportion of oil products, focusing on strengthening their position in gas and electricity to accelerate the transition to a low-carbon energy supply.
This strategy includes significant investments in low-carbon energies, surpassing capital expenditure for new oil and gas projects.
TotalEnergies’ integrated multi-energy model covers all value chains, ensuring efficiency, profitability, innovation, and high quality while meeting energy transition challenges.
They have set ambitious targets for reducing carbon intensity and aim for carbon neutrality by 2050, with absolute emissions reduction targets and a commitment to reducing methane emissions.
The investment flows from TotalEnergies’ and other companies’ discoveries could be substantial, potentially reaching around N$550 billion, significantly impacting Namibia’s economic indicators.
