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Speaking at the opening of an oil and gas conference yesterday, Mines and Energy Minister Tom Alweendo warned that the emerging industry would bring not only opportunities but also challenges.
Speaking at the opening of the 2nd Namibian Oil and Gas Conference in Windhoek yesterday, Namibia’s Minister of Mines and Energy Tom Alwindo said that against the backdrop of global geopolitical turmoil, Namibia continues to be a beacon for future global energy supplies.
Around 930 participants, only 60% of whom were Namibians, attended the event, which was themed “The Next Step Towards a Prosperous Oil and Gas Industry”.
Deputy Minister of Mines and Energy Kornelia Shilunga, who delivered the keynote address on behalf of Alvindo, said the conference aimed to lay the foundation for effective resource management, local prosperity and meaningful participation, especially in light of national oil company Namcor’s stake in the industry.
Recent oil discoveries are expected to boost economic growth, but we have repeatedly stressed the need to ensure that oil revenues are used in a way that benefits all Namibians.
“We are fully aware that the emerging oil industry will bring changes – not only opportunities, but also challenges,” said Alweendo, a representative of the Shilenga.
She added: “There are many examples around the world of oil and gas extraction leading to negative socio-economic and political impacts.”
Clear rules
Therefore, the so-called “resource curse” should not be underestimated and lessons must be learned from the experiences of others, said Shilenga.
She stressed that clear national goals, effective management, contribution to national energy independence, promotion of industrialization and job creation, and having the best strategy for oil exploration and utilization are essential.
She stressed that it was also important to prevent the economic distortionary impact of oil revenues, promote local value addition, protect the environment, and prioritize domestic gas processing to promote the development of upstream and downstream industries.
Active participation
Namcor and the Port Authority Namport should actively participate in developing shared infrastructure for oil and gas development while safeguarding national interests.
“Oil and gas revenues must be managed in a way that improves the living standards of present and future generations of Namibians,” the deputy minister urged. “We expect international companies, both licensees and service providers, to play a key role,” Shilunga added.
Co-hosts Jason Kasuto, president of the Namibian Economic Association, and Nangula Uaandja, chairperson of the Namibian Investment Promotion and Development Board, also spoke at the event.
Kasuto encouraged the industry to educate the Namibian people about the value of oil extraction in Namibia, while Vaanja stressed on strategic partnerships, local content, balancing economic growth with environmental protection, and supporting Namibia’s development into a sustainable energy hub in Africa.
It was also confirmed that the conference will become an annual event.
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