Staff Reporter
NAMIBIA will be amongst the top 15 oil producing countries in two years time, after the 6th largest Deepwater oil discovery was made in the county.
The above was revealed by Prime Minister Saara-Kuugongelwa Amadhila.
The Prime Minister made these remarks at the opening of the Oil and Gas Conference, where a total of 700 delegates from Namibia and abroad gathered at the Mercure Hotel to contemplate the opportunities, challenges, and requirements involving the oil and gas discoveries.
According to statistics shared at the event, the oil discoveries, totaling about 11 billion barrels, could potentially double the country’s GDP by N$ 36 billion in 2040, with up to 4,000 direct jobs anticipated from the sector. Kuugongelwa-Amadhila noted that few commodities have shaped our world and advanced civilization as profoundly as oil and gas. “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. Statistics have shown that the Venus discovery alone has the possibility to rank as the sixth-largest deep water oil discovery in the world. If proven, along with the Graff, Yonker, and Kudu discoveries, it has the potential to position Namibia in the top 15 oil-producing countries by 2035, thereby potentially transforming the Namibian economy,” shared the Prime Minister.
She further added that Namibia is expected to receive the highest exploration Capital Expenditure (CAPEX) in Africa from Total Energies and Shell towards appraising the Venus discoveries. “This CAPEX commitment is likely to increase due to the potential for additional discoveries. Once proven, the development of these discoveries and the subsequent commencement of oil and gas production in Namibia are anticipated to create significant employment opportunities,” Kuugongelwa-Amadhila said.
However, she cautioned that Namibia, with its unspoiled beauty and rich resources, must approach the discovery of oil and gas reserves within its borders with consideration for both opportunities and responsibilities. “We must ensure that the development of this sector not only brings equitable economic growth but is also done in harmony with our environment. Our journey into the major leagues of oil and gas producing countries should be carefully considered. Our Government is committed to an approach that places socio-economic development and environmental stewardship at the heart of our efforts. The decisions we make today will echo for generations to come,” the Prime Minister stated.
She further added that as Namibia ventures into this new frontier, it is dedicated to learning from those that came before and adopting the highest international standards to mitigate environmental risks and embrace innovation to minimize its ecological footprint. Kuugongelwa-Amadhila stressed that the Namibia Oil and Gas Conference serves as a platform for dialogue, learning, and knowledge exchange. “It is here where we demonstrate our inclusive approach by deliberately removing barriers to participation,” she said.
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