Katti hails revival of Lüderitz Basin as payoff for years of persistence

Namibian investor Knowledge Katti says the revival of offshore exploration in the Lüderitz Basin is the result of more than a decade of deliberate effort to position Namibia as a credible and attractive destination for global energy investment.

Katti, the founder of Maravilla Energy, said the recent entry of Brazil national oil company Petrobras and TotalEnergies into the basin reflects renewed international confidence in Namibia’s offshore potential, following years of stalled progress and scepticism after earlier partners exited.

“This is a story of intentional action, resilience and unity,” Katti said, adding that recent developments in the basin counter years of setbacks and scepticism.

“It is also a story meant to inspire our youth, our communities and more Namibian entrepreneurs to participate in Namibia’s bright future.”

Katti said the journey began in 2011 when Maravilla partnered with Eight Offshore, then known as Cowan, to negotiate Namibia’s first industry bonus payment under a petroleum farmin agreement.

“We negotiated a N$50 million cash bonus paid directly to Namcor as part of the PEL 104 farmin agreement,” he said. 

“This was no accident. It was an intentional strategy to ensure Namibian institutions benefited immediately, even in the absence of local risk capital.”

At the time, Katti said domestic funding options such as Namibian banks and the Government Institutions Pension Fund (GIPF) were not available to support high-risk offshore exploration, forcing local investors to seek international partners.

“Exploration demands substantial investment, and without domestic options we had to go to the global stage,” he said.

Through those efforts, Maravilla and its partners attracted OMV of Austria and US-based Murphy Oil, which together invested more than US$40 million in seismic acquisition work in the Lüderitz Basin.

“That investment reignited hope in a basin that had largely been written off,” Katti said.

The momentum was interrupted by the 2014 global oil price collapse, which saw both OMV and Murphy exit the licence area. Katti said the departure of major players had a chilling effect on investor confidence.

“When majors exit, it creates scepticism and delays progress,” he said. “But we refused to succumb to negative narratives.”

Instead, he said, Maravilla and its partners continued for years to market Namibia’s offshore potential at international oil conferences and investor roadshows.

“Our perseverance was tested, but we never stopped championing Namibia’s hydrocarbon potential,” Katti said.

He said recent oil and gas discoveries in the Orange Basin marked a turning point by restoring global confidence in Namibia’s offshore geology, paving the way for renewed interest in other basins.

Following two years of negotiations, Maravilla and Eight Offshore secured new partnerships with Petrobras and TotalEnergies, a development Katti described as a major breakthrough for the Lüderitz Basin.

“This deal revives Namibia’s least-explored offshore basin, where only one well was drilled in 1998,” he said. “It draws unprecedented global attention, capital and investors, and enhances prospects across all our offshore basins.”

Katti said the renewed activity could unlock wide-ranging economic benefits.

“These developments create jobs, build infrastructure and drive national development,” he said.

As part of a strategic transition, Maravilla Energy and Eight Offshore have agreed that Maravilla will focus on new opportunities, while Eight Offshore remains invested in the Lüderitz Basin asset.

“This transition underscores our long-term vision,” Katti said. “We want to attract capital intentionally to benefit Namibia, not fall into traps of division.”

Looking ahead, Katti called for greater unity and inclusion in the energy sector, particularly involving young people and regional communities.

“We must be intentional about including our youth and our communities in these ventures,” he said. 

“I am finalising the selection of communities to partner with Maravilla on upcoming opportunities.”

He said the approach mirrors a previous community partnership model implemented in the Karas region and is aimed at broadening participation and skills transfer.

“This is about shared prosperity and sustainable growth,” Katti said. 

“Let us celebrate Namibian ingenuity and invite the world to invest in our potential.”

Petrobras says that it has made a move to obtain a 42.5% stake in Block 2613 offshore Namibia, through the transaction carried out in partnership with TotalEnergies, which also opted to get a 42.5% interest and will act as the operator of the block, thanks to deals with Eight Offshore Investment (Eight) and Maravilla Oil & Gas.

Following the completion of the transaction, Eight will retain 5% of the block, while Maravilla will end its participation in the asset. As a result, the consortium for Block 2613 will be composed of Petrobras (42.5%), TotalEnergies (42.5%, operator), Eight (5%), and Namcor Exploration and Production, a state-owned company held by the government of Namibia (10%).