The Mines and Energy Minister, Tom Alweendo, says the recent oil and gas discoveries in commercial quantities have raised expectations for significant revenue flow and employment opportunities for Namibians.

Alweendo says that the discoveries hold great potential to improve socio-economic challenges that are experienced in the country, but points out that the development of an oil sector is inherently associated with uncertainties and complexities.

The minister further stated that it is not a given that prosperity will follow, explaining that wealth will follow only if the investments and the consequent oil revenue are well managed and warning that, If not well managed, the subsequent result could well be worse socio-economic challenges.

Tom Alweendo was speaking at the ongoing Oil and Gas Conference.