(Bloomberg) -- Off a busy pier in Namibia’s main port of Walvis Bay, the seeds of an economic boom are being planted. Most Read from BloombergCanada’s...
-- Off a busy pier in Namibia ’s main port of Walvis Bay , the seeds of an economic boom are being planted.As workers heave fish from boats, or unload cargoes of sulfur and Congolese copper, a massive cylindrical drilling segment is hauled by extended trailer to a storage area. Between the more typical consignments of raw minerals and imported second-hand vehicles assigned to regional shippers, one lot is filling up with modern oil-exploration equipment.
That Latin American country became the world’s fastest-growing economy following major discoveries led by Exxon Mobil Corp. Its production is seen climbing as high as 1.5 million barrels a day by 2029, just 10 years after the advent of its oil industry. Namibia is starting to invest in the infrastructure to support drilling. State-owned Namport is drawing up plans to service both the oil industry as well as planned green hydrogen projects, with over $2.1 billion in upgrades at its ports. Walvis Bay already has an established ship-repair industry that provides explorers with fabrication, welding and assembly services, Namport CEO Andrew Kanime said in an interview.
The growing presence of the oil industry is also evident outside of the ports. Workers sporting the blue coveralls of oil-services giant Schlumberger formed a line at a hotel breakfast buffet in the center of Walvis Bay. A delegation from Galp scheduled a visit with Governor of Erongo Region Neville Andre to discuss the opening of a company office in the same town. He said he’s also met with representatives from Chevron Corp.
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