Government has formally invited international and regional oil and gas companies to submit applications for licenses for petroleum exploration.
Speaking at the Namibia International Energy Conference (NIEC) 2023, Minister of Mines & Energy, Tom Alweendo highlighted that legislative frameworks and policies that govern the Namibian upstream oil and gas sectors are well-developed and designed specifically for implementation for the international oil industry.
Standard international practices, license application fees, annual license area rental charges, as well as annual training fees are main elements set out in the fiscal framework legislation for investment in the country’s oil and gas sector.
“Our ambition is not only to export, but to make sure our resources are used, not only in the country, but also in the region. Service companies will be the most important partners that we will need to embrace to promote job creation. In terms of services that will be provided to our industry, how do we make sure that we train Namibians and what will be the role of the service provider? What role will they play in catalyzing future development for the benefit of Namibians?” Alweendo said.
Responsible for the oversight of the development of Namibia’s geological, mineral, and energy resources for sustainable economic growth, Alweendo and the Ministry have demonstrated a steadfast commitment to attracting private investment to resource exploration and development for the benefit of all Namibians.
With Namibia serving as one of the world’s fastest growing oil and gas investment destinations, the Minister highlighted the massive investment opportunities across the country’s entire hydrocarbon value chain. Namibia’s vast, yet untapped, hydrocarbon resources will play an important role in ensuring energy security and driving socioeconomic developments across the region.