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The Namibia Investment Promotion and Development Board (NIPDB) says the recent oil discoveries and project interventions in the gas and renewable sectors have the potential to address the country’s social ills of poverty, unemployment, and energy deficiency. These sectors could turn the country’s fortunes if pursued successfully, stated NIPDB’s Chairperson and Chief Executive Officer Nangula Uaandja.
The Namibia Investment Promotion and Development Board (NIPDB) says the recent oil discoveries and project interventions in the gas and renewable sectors have the potential to address the country’s social ills of poverty, unemployment, and energy deficiency. These sectors could turn the country’s fortunes if pursued successfully, stated NIPDB’s Chairperson and Chief Executive Officer Nangula Uaandja.
Uaandja acknowledged that it will take time for oil to be extracted and for production to begin, as the government does not have the power to dictate and set timeframes. It is only through engagements that the country can figure out how to maximise the benefit from oil, and also get the best out of the value chain processes both upstream and downstream, instead of extracting oil and exporting without benefiting. She urged Micro, Small, and Medium Enterprises (MSMEs) to partake in the engagements highlighting that it is only through these discussions that one can know what roles to play in the industry, and for authorities to hear how they can be assisted to fully partake.
Namibia has in recent years earned itself a spot in the energy sector following the discovery of four oil wells offshore Namibia’s Orange Basin believed to contain billions of hydrocarbons. These had been made possible by collaborations of giant companies Qatar Energy, TotalEnergies, and NAMCOR who have been involved in extensive explorations. Currently, the companies are busy with the appraisal stages to determine the commercial viability of oil.
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https://trendsnafrica.com/new-oil-discoveries-drive-namibias-gdp-to-us37bn/
https://trendsnafrica.com/namibias-offshore-oil-exploration-a-record-high/
Namibia has in recent years earned itself a spot in the energy sector following the discovery of four oil wells offshore Namibia’s Orange Basin believed to contain billions of hydrocarbons. These had been made possible by collaborations of giant companies Qatar Energy, TotalEnergies, and NAMCOR who have been involved in extensive explorations. Currently, the companies are busy with the appraisal stages to determine the commercial viability of oil.
Newly discovered oil reserves could grow the country’s gross domestic product (GDP) from the current US$12.3 billion to U$37 billion at peak production levels. According to government estimates, Shell and TotalEnergies’ discoveries have the potential to generate annual taxes and royalties ranging from N$60 billion to N$95 billion, with the ability to create 3,600 jobs at the peak of production.
