Namibia’s oil & gas sector still in exploration - nbc

Описание: Oil and gas in Namibia is still at the exploration phase as the sector creates excitement and hope for potential to drive economic transformation.

This will also bring about significant government revenue, job creation, and the development of secondary industries such as construction and logistics.

These sentiments were shared by experts and economic analysts attending the SanlamAllianz Brief Session concluding for the year.

The discoveries of oil and gas are crucial for Namibia, as they offer job creation and local content policies that will ensure proceeds from the sector and benefits flow to Namibian businesses and citizens.

Namibia is also mindful of the potential pitfalls associated with resource wealth, such as "Dutch disease" or the oil curse, and corruption that has haunted many countries before.

Economist Rowland Brown highlighted that there is huge potential in the sector but pointed out that the government was slow in implementing policies for the sector to kick off to its full potential.

"It seems like every time you try to do something, there's a very, very slow and laborious process before a decision can be taken. Whether it's getting a water abstraction permit, or whether it's, you know, getting a business registered or an SPP registered to the regulator, whatever, it's an incredibly slow and laborious process. And this seems to just be even more extreme when it comes to some of the policy-related things on the oil and gas side."

The Country Chair for Shell Namibia and the Chairperson for the Namibia Petroleum Operators Association, Eduardo Rodriguez, alluded that Namibia is on the right track.

He added, 'Oil and gas is an expensive project that requires policies and experts from different fields to ensure that the process is successful, educational, and right, with policies structured and safeguarding procurement and technical capabilities.'

"There's a lack of knowledge, and trust is to be built. But it gets to the point that we are right now, and just if you look at what has happened since those discoveries, it's quite amazing. Since then you move, you fast forward to today and Namibia, because of the investment atmosphere that you have created. It has all the companies in the world that can do that type of development."

They say Namibia will see the first results of oil in five to ten years.