Reform oil and gas laws – NAMCOR
Obeth Kandjoze, the Managing Director for the state-owned oil company, The National Petroleum Corporation of Namibia (NAMCOR) said the government needs to prepare itself for increased exploration activities and possible commercial oil and gas discovery by revising the existing legislation governing the industry.
Kandjoze said a revision of the existing laws was important to ensure that they are good enough to govern the industry should there be an economically viable oil discovery. Besides legislation, the Namcor MD also said government needs to prepare itself in terms of skilled manpower so that hydrocarbon licence holders adhere to terms and conditions stipulated in the petroleum agreements.
Kandjoze said this when he addressed participants at a one-day oil and gas seminar that was hosted in the capital earlier this week organised by Namcor in conjunction with the Ministry of Mines and Energy with the financial support of Serica Energy. The purpose of the seminar was to give participants a basic understanding of the oil and gas industry in view of the increased oil exploration activities in Namibia.
Kandjoze told participants that the oil-prone source rock proved by Brazilian company HRT when it drilled the Wingat well last month has derisked oil exploration in the country encouraging many companies to drill.
“This well also availed an opportunity to small companies operating in Namibia to attract international oil companies to partner with them and further the exploration activities in their respective blocks,” he added.
He called for greater cooperation between investors and local companies in order for the oil and gas projects to better contribute to the development of the country.
“Through this type of partnership, Namibians will benefit from best international practices in running the oil and gas projects, gain technical skills and contribute greatly to the economy of the country by investing the revenues locally,” he said.