Oil can place Namibia among top producers by 2035 – Kuugongelwa-Amadhila
The Prime Minister Hon Saara Kuugongelwa-Amadhila on Wednesday reaffirmed the government’s commitment to socioeconomic development and environmental stewardship, following the discovery of two light crude oil discoveries in Namibia in the last 18 months, namely Venus and Graff in the Orange Basin.
“Statistics show that the Venus discovery alone has the potential to rank as the sixth largest deepwater oil discovery in the world,” Kuugongelwa-Amadhila said.
“If proven together with the Graff, Yonker, and Kudu discoveries, has the potential to position Namibia in the top 15 oil-producing countries by 2035, which has the potential for an upward transformation of the Namibian economy.”
The Prime Minister made these remarks during the opening of the two-day Oil and Gas Conference 2023 which began on Wednesday in Windhoek.
She said the conference is timely and important as the government embarks on a journey into a new era encompassing the exploration and development of additional energy resources on Namibia’s continental shelf.
“Few other commodities have shaped our world and advanced civilization as profoundly as oil and gas.”
She further pointed out that collaborative efforts are critical to making Namibia the Sustainable Energy Capital of Africa, noting that petroleum alone powers a third of the world’s energy production, far more than any other commodity, making it a lifeblood of the global economy.
“Namibia is expected to receive the highest exploration CAPEX in Africa from Total Energies and Shell towards appraising the Venus discoveries. This CAPEX commitment is likely to increase due to the potential of additional discoveries. Once proven, the development of these discoveries and consequent commencement of oil and gas production in Namibia will create significant employment opportunities,” she said.
She added: “Namibia is a land of unspoiled beauty and rich resources, and the discovery of oil and gas reserves within our borders brings both opportunities and responsibilities. We must ensure that the development of this sector not only brings equitable economic development but should be done in harmony with our environment.”
Meanwhile, Kuugongelwa-Amadhila emphasized that as the country enters this new frontier, the government is committed to learning from those who have gone before them, adopting the highest international standards, mitigating environmental risks, and embracing innovation to reduce the country’s ecological footprint.
“We are committed to promoting responsible development that encompasses economic prosperity, social progress, and environmental well-being. Moreover, this Conference is vital, as Namibia recognizes the full potential of the sector, which will undoubtedly bring economic growth, offering new avenues for employment creation, skills development, and investment opportunities. This will improve the socio-economic welfare of the Namibian people,” she noted.
She concluded by thanking all foreign partners for their support and guidance and urged participants to take advantage of the opportunity to learn from local and international experts.
The primary objective of the Oil and Gas Conference 2023 is to create a platform for a large-scale public consultation, bringing together key stakeholders including industry experts, policymakers, and civil society to discuss and explore opportunities, challenges, and advancements in the local oil and gas sector.