Namibia’s Finance Minister, Iipumbu Shiimi, announced that Qatar and TotalEnergies are likely to agree on developing the first offshore oil project off the coast of the southern African nation, with approval expected by 2025. Shiimi noted, “Once the project begins, significant resources will certainly flow in, and a large portion will be allocated to the fund,” referring to a sovereign wealth fund that the government plans to finalize next year.

Namibia, which has yet to produce any oil or gas, has become a focal point for exploration following offshore discoveries by TotalEnergies and Shell. However, there are currently no estimates regarding the growth pace of the proposed sovereign wealth fund, as neither company has approved production plans.