STAFF WRITER
The Namibian Government says they will continue to strengthen regulatory framework works on the oil and gas industry to provide policy clarity to investors as well as making sure that the resources provide maximum benefits to the local economy.
The policy direction was revealed by Vice President Lucia Witbooi while addressing delegates at the ongoing oil and gas conference on Wednesday.
“We are continuing to assess and strengthen Namibia’s petroleum licensing framework to ensure that it remains competitive, transparent and fit for purpose.
As exploration activity increases, Government is also considering the management and future issuance of petroleum exploration opportunities and Blocks,” she said.
Namibia’s approach is hinged on providing investors with greater clarity and certainty, while ensuring that Namibia retains the ability to manage its petroleum resources in the national interest.
“We want Namibia to be viewed as a jurisdiction where investors understand the rules, where those rules are applied consistently and where investment decisions can be made with confidence,” she said.
She told delegates that the Government is also progressing with work on the review of the Petroleum legal and fiscal regime.
“As our petroleum sector develops, our legislative framework must evolve with it.
The experiences gained from recent exploration activities, the scale of the discoveries made and the complexity of future developments require us to continuously assess whether our laws remain adequate.
“The objective of these reforms is to strengthen the regulatory framework, improve
clarity where necessary and ensure that our legislation supports responsible petroleum development while safeguarding the national interest,” she said.
The VP emphasized that the country’s local content policy adopted by the cabinet recently recognises that the development of Namibia’s petroleum resources must create meaningful opportunities for Namibians.
“The objective is to provide clear policy direction on local content, which will lead to establishment of clear and practical framework that increases Namibian participation across the petroleum value chain, including through the development of local businesses, employment, skills transfer, technology transfer and access to procurement opportunities,” she said.
She added that, “We want to see Namibian companies developing the capacity, expertise and financial strength to compete within the petroleum industry and, ultimately, beyond it.”
According to Witbooi the successful implementation of this Policy will require strong collaboration among all stakeholders, including Government institutions, petroleum operators, contractors, local businesses, civil society and communities. fabrication, marine services, storage, engineering and other associated industries.
She said the government continues to engage with investors and operators on the development of Namibia’s significant discoveries.
“This includes ongoing discussions for the final investment decision relating to the Venus development, operated by TotalEnergies, and the broader work required to move major discoveries from exploration towards commercial development.
“These engagements are important because project development requires capital, technology, infrastructure, skills, regulatory certainty and strong partnerships between Government and industry,” she said.
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