Editing Economy of Namibia (section)

==== Crude oil ====
During the pre-independence period, large areas of Namibia, including off-shore, were leased for [[petroleum|oil]] prospecting. Some natural gas was discovered in 1974 in the [[Kudu Field]] off the mouth of the [[Orange River]], but the extent of this find is only now being determined.<ref>[https://2009-2017.state.gov/outofdate/bgn/namibia/47082.htm#:~:text=Natural%20gas%20was%20discovered%20in,not%20is%20expected%20in%202005 Namibia (02/05)], [[U.S. Department of State]]. (n.d.) Retrieved 26 June 2022</ref> It is only in 2022 with the Graff discovery<ref>{{Cite web |last=Esau (i_esau) |first=Iain |date=2022-04-06 |title=Happy days: Shell's Graff discovery in Namibia holds 2 billion boe of oil and gas - sources {{!}} Upstream Online |url=https://www.upstreamonline.com/exclusive/happy-days-shell-s-graff-discovery-in-namibia-holds-2-billion-boe-of-oil-and-gas-sources/2-1-1197669 |access-date=2022-08-24 |website=Upstream Online {{!}} Latest oil and gas news |language=en}}</ref> of [[Shell plc|Shell]] and the Venus discovery<ref>{{Cite web |title=Namibie : TotalEnergies fait une découverte significative sur le bloc 2913B |url=https://totalenergies.com/fr/medias/actualite/communiques-presse/namibie-totalenergies-fait-decouverte-significative-bloc-2913b |access-date=2022-08-24 |website=TotalEnergies.com |date=24 February 2022 |language=fr}}</ref> of [[TotalEnergies]] that Namibia became a true exploration frontier.

In response to the discovery of an estimated 11 billion barrels of crude oil off its coast in 2022, discovered by international oil giants TotalEnergies SE and Shell Plc, Namibia is preparing for a pivotal moment in its economic development. A final investment decision regarding the commercial viability of this discovery is expected by the end of 2024. To manage potential oil revenues effectively, the Namibian government has proposed the creation of a sovereign wealth fund. This fund is intended to secure long-term [[economic stability]] and allocate benefits across generations.<ref name=":2" />

Legislation to outline the management, investment strategies, and withdrawal protocols of the fund is currently under development. This approach reflects Namibia's strategic planning to harness its oil resources responsibly while aiming for sustainable economic growth and ensuring that the benefits are widely distributed among its population.<ref name=":2">{{Cite news |last1=Hill |first1=Matthew |last2=Bull |first2=Alister |date=2024-04-16 |title=Namibia Sees Final Investment Decision on Oil Find by End 2024 |url=https://www.bloomberg.com/news/articles/2024-04-16/namibia-sees-final-investment-decision-on-oil-find-by-end-2024 |access-date=2024-04-17 |work=Bloomberg.com |language=en}}</ref>