Namibia Balances Excitement and Caution as Massive Oil Discovery Promises Economic Boom but Also Corruption Risks

Namibia's massive deep-water oil discovery holds promise of economic riches, but also raises concerns about corruption seen in other African oil producers like Angola and Nigeria.
Namibia estimates the oil finds could double the size of its economy by 2040, but critics warn oil revenues may not reach the majority of the population given high inequality.
Namibia's state oil company Namcor has recently been plagued by scandal, hurting its reputation as the country looks to develop its oil.
Shell and TotalEnergies have made major discoveries off Namibia's coast, but infrastructure and capacity need major upgrades to develop the finds.
Namibia faces urgency to tap the oil before global energy transitions make fossil fuels obsolete, but still needs to avoid "resource curse" corruption problems.

Namibia's massive deep-water oil discovery holds promise of economic riches, but also raises concerns about corruption seen in other African oil producers like Angola and Nigeria.
Namibia estimates the oil finds could double the size of its economy by 2040, but critics warn oil revenues may not reach the majority of the population given high inequality.
Namibia's state oil company Namcor has recently been plagued by scandal, hurting its reputation as the country looks to develop its oil.
Shell and TotalEnergies have made major discoveries off Namibia's coast, but infrastructure and capacity need major upgrades to develop the finds.
Namibia faces urgency to tap the oil before global energy transitions make fossil fuels obsolete, but still needs to avoid "resource curse" corruption problems.