When promoting Namibia to the world as an alluring international investment destination, the discovery of oil and gas, the green hydrogen project, and crucial minerals are some of the noteworthy major developments.

The Mines and Energy Minister at the just-ended Oil and Gas Conference commended the collective efforts of those involved in promoting Namibia's investment potential, particularly acknowledging President Hage Geingob for intensifying the country's international profile.

Although oil is a very important commodity for the development of the country, Minister of Mines and Energy Tom Alweendo raised the issue of managing expectations regarding recent oil and gas discoveries.

"Oil is not an automatic remedy to all our socio-economic challenges. The oil and gas discoveries in commercial quantities have raised our expectations for significant revenue flow and employment opportunities for Namibians".

He stressed the importance of effective management and cautioned against corruption and inequality that could hinder broad-based development.

The minister also addressed the significance of governance in managing the upstream of the oil and gas industry.

"Governance of the oil and gas sector is imperative to ensure that potential economic benefits are shared equitably and fairly. Governance failure can have far-reaching implications for our economy, social development, and political stability."

Alweendo also reiterated the need to prioritise the development of the country's local capability to manage the sector and the impact the energy transition will have on Namibia.