Ministry fast-tracks petroleum policy supporting locals

The Ministry of Mines and Energy has fast-tracked the development of a policy that will ensure Namibia benefits from the country’s natural resources.

The draft national upstream petroleum local content policy is nearing completion for approval after almost four years.

According to minister Tom Alweendo, the policy aims to ensure that Namibian citizens and companies benefit from the country’s natural resources by increasing their involvement in the oil and gas industry.

The draft version of the policy was completed in November 2021.

“At the ministry, we are working diligently to establish a framework that creates an internationally competitive petroleum sector, maximising benefits for our people and leveraging our natural resources for broader national development,” he says.

In a statement issued yesterday, the ministry says the policy is a roadmap for local participation.

Additionally, the policy aims to establish a transparent regulatory framework for Namibian content, making it a criterion for permits, licences and contracts.

“The policy also seeks to leverage Namibia’s recent success in the oil and gas exploration arena, and promote the transfer of technology, knowledge and skills to Namibians,” the statement says.

Alweendo says the country should seize the opportunity presented by the Orange Basin discoveries, which suggest the largest oil yield ever found in sub-Saharan Africa.

“We are at the dawn of an energy revolution that will transform our economy and must seize the opportunity to implement policies that will protect investors and Namibia’s best interests when it comes to our natural resources,” he says.

According to the ministry, work is being done to commence consultations with stakeholders to revise the draft policy “that will best serve the country, its people and our investors”.