Namibian banks eye oil and gas sector

Local banks say they are focused on collaborations that would see the industry better understand the oil and gas sector.

Major focus is on exploration, production and development phases, but Namibia is currently in the exploration phase.

First National Bank (FNB) enterprise banking high touch and mid corporate head Connie Theyse says the bank is actively undertaking comprehensive efforts to deepen its understanding of the oil and gas ecosystem, with a particular focus on the exploration, production and development phases.

“Currently, Namibia remains in the exploration phase, which is where the majority of attention and activity is concentrated.

This phase requires a thorough grasp of the specific processes, operational demands, and financial needs across the oil and gas value chain,” she says.

Theyse adds that FNB Commercial is committed to building a nuanced understanding of the sector’s dynamics and complexities at each stage of the value chain, given the relative infancy of the industry in Namibia.

“To further support sector growth, FNB Commercial has recently entered into a strategic partnership with Moneda Invest through an agreement.

This collaboration is aimed at unlocking access to finance for small and medium enterprises, suppliers, and contractors operating within the oil and gas sector – enabling broader participation in the industry and stimulating local economic development,” Theyse notes.

The bank is positioning itself to provide relevant and responsive financial support, offering tailored solutions that align with the unique requirements of each phase of the value chain.

The funding solutions include: short-term working capital solutions, term lending, asset-based finance, structured trade and commodity finance, commercial property finance, and leveraged finance.

“These offerings are designed to support businesses operating across the oil and gas value chain – whether in upstream (exploration and production), midstream, or downstream (infrastructure and distribution) segments,” she adds.

FNB Namibia relationship manager Naftal Akweenda says they recognise both the capital-intensive nature of the industry and the inherent economic risks it presents.

“Our approach is, therefore, anchored in sound knowledge, sector expertise, and a commitment to delivering appropriate, well-structured financial solutions.

By leveraging the full capabilities of the FirstRand Group, we are able to offer tailored support that meets the evolving needs of clients in the oil and gas, and energy sector,” he says.

FNB Commercial is actively engaging with clients and key stakeholders across the oil and gas value chain to identify opportunities where it can provide meaningful value through innovative financing, transactional, and investment solutions.

“Our commitment also extends to enabling industries such as logistics, infrastructure, waste management, hospitality and construction engineering – recognising their vital role in supporting the sustainable development of the broader energy ecosystem.”

“This focus reflects our ambition to be a trusted financial partner in Namibia’s emerging energy sector and to contribute meaningfully to the country’s economic resilience and inclusive growth,” Akweenda adds.

Bank Windhoek managing director Baronice Hans says while Namibia stands at the dawn of its oil journey, the discoveries made to date signal a potential transformation of our national landscape, one that demands foresight, inclusivity and strategic collaboration.

“At Bank Windhoek, our commitment is clear: we are resolute in ensuring that Namibians are not bystanders but central participants and beneficiaries of this opportunity. Our focus is on local content development and building financial ecosystems that will empower Namibian businesses, entrepreneurs and communities to take their place in the oil and gas value chain,” she says.

Bank Windhoek is working with clients in the sector, offering financial solutions that are responsive to the unique needs and timelines of the industry.

“As the sector evolves, we remain engaged, not as passive observers, but to unlock inclusive growth and long-term national value.

We will continue to collaborate with all stakeholders to ensure that oil and gas investment serves as a catalyst for sustainable development, with benefits that extend beyond the rigs and wells reaching into communities, local industries and the broader economy of Namibia,” Hans says.

In an age of information overload, Sunrise is The Namibian’s morning briefing, delivered at 6h00 from Monday to Friday. It offers a curated rundown of the most important stories from the past 24 hours – occasionally with a light, witty touch. It’s an essential way to stay informed. Subscribe and join our newsletter community.