"Once you have established yourself within Namibia, you must spread your wings to the rest of the continent and beyond.

Don't remain a local player," said Mines and Energy Minister Erkki Nghimtina at the celebration of Namcor's 15th anniversary in Windhoek on Thursday evening.

Nghimtina said the oil industry was extremely competitive but Namcor should use its status as a State-owned company to leverage itself.

He said petroleum was a strategic commodity for any country and Namibia could expect other companies to secure its fuel supplies.

"We need to be equipped to do it ourselves and we require Namcor to be fully equipped to play that strategic role," said Nghimtina.

He said he had no doubt that Namcor would succeed, as its recent restructuring was highly successful and the company was now in a position to conduct business to become a world-class petroleum organisation.

Namcor was established in 1991 through the Petroleum Exploration and Products Act to carry out oil exploration, production and refining, and to advise the Minister of Mines and Energy on matters pertaining to the petroleum industry.

Nghimtima said Namcor had done well in advising the Government, but it was now time for it to become actively involved in oil exploration, refining and distribution.

Namcor's acting Managing Director, Sam Beukes, said his company had issued numerous exploration licences to date and 14 test wells had been drilled offshore.

"Although no discoveries were made, the amount of data acquired through this initial exploration and drilling programme has stood us in good stead in terms of understanding the Namibian geology," Beukes said.

At the same occasion, Namcor paid a dividend of N$2 million to Government.

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