Africa’s Newest Oil Jackpot Comes With a Corruption Curse
‘Giant’ oil find off Namibia’s shores could be a game changer, but officials worry about corruption, social tensions and instability.
The corruption-infested industry in Nigeria left the Niger delta with oil spills that have made it one of the earth’s most polluted areas.
Photographer: George Osodi/BloombergIt’s touted by some as possibly the world’s biggest-ever deep-water oil find.
The discovery off the shores of Namibia last year by TotalEnergies SE and Shell Plc of an estimated 11 billion barrels of crude has generated understandable excitement in the southern African country. Even if only a small portion of that potential load — valued at about $1 trillion at current prices — is realistically recoverable, it holds the promise of untold riches for this nation of 2.7 million people. But given what oil finds have spawned elsewhere on the continent, it’s drawing a sobering dose of caution.