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India’s External Affairs Minister Dr. Subrahmanyam Jaishankar currently in Namibia with a high-level business delegation. He stated that India is keen on exploring investment opportunities in Namibia’s oil and gas sector as the two countries deepen bilateral relations. India now joins a growing list of countries that have expressed their interest in partnering with Namibia to develop its emerging energy sector.
India’s External Affairs Minister Dr. Subrahmanyam Jaishankar currently in Namibia with a high-level business delegation. He stated that India is keen on exploring investment opportunities in Namibia’s oil and gas sector as the two countries deepen bilateral relations. India now joins a growing list of countries that have expressed their interest in partnering with Namibia to develop its emerging energy sector.
India’s External Affairs Minister said India was one of the biggest global energy consumers thus it was very important for the country to position itself. Jaishankar made these remarks at State House on Monday during a courtesy call on Namibian President Hage Geingob.
President Geingob stated that Namibia needs assistance with skills from India, considering that India is among the most experienced countries dealing in the oil, energy, and gas sectors. He reflected on India’s support during the Namibian liberation struggle and expressed his willingness to reciprocate. Looking forward to having India’s support in the recently discovered massive oil, and green hydrogen initiatives.
According to studies, India’s energy demand is expected to grow at about 3% per annum by 2040, compared to the global rate of 1%. Further, 25% of the global energy growth between 2020 and 2040 is envisaged to come from India due to the fast-growing economy and demographic dividend.
In the next 50 years to come, the world demand is going to come from India, so some of it is fossil fuels, oil, and gas, in which many of our companies are heavily involved. India also has some of the biggest solar programs as well, thus as a country India and Namibia really need to stand side by side with each other. India will be very keen to work with Namibia, stated the Indian Minister.
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India has six operating Liquified Natural Gas terminals and several more coming online. Over 18,820km of product pipelines, 10,419 km of crude oil pipelines, and 32,728km of natural gas pipelines are operational, with additional pipelines under construction.
Global oil majors, TotalEnergies and Shell have made “significant” oil discoveries off the coast of Namibia. The National Petroleum Corporation of Namibia (Namcor) estimates that oil could generate US$5.6 billion in revenue for the country at peak production and has the potential to double the country’s economy, which Bloomberg estimates at US$11 billion by 2040.
