With vast capital investment going into oil exploration, Otjozondjupa Governor John ||Khamuseb said the Namibian government should get at least 30% of the profits from petroleum production companies.
||Khamuseb made the remarks at the Regional National Upstream Petroleum Local Content consultations held at Otjiwarongo.
||Khamuseb stressed that a National Conference on Mineral Resources is long overdue, saying such a platform would allow for crucial policy interventions, including addressing the allocation of Exclusive Prospecting Licenses.
"We can share since there is vast capital input into oil discovery and millions of dollars that are invested by at least having 30% production sharing in the oil industry."
The Deputy Head of the Petroleum Upstream Unit, Carlo McLeod, explained that the Local Content Policy is to ensure Namibians fully benefit from oil and gas discoveries.
"This policy is about ensuring that Namibians are not left behind. It is a government commitment that oil and gas companies must employ Namibians, train and develop our young people, source goods and services locally, and transfer knowledge and technology to our people."
McLeod added that companies will be closely monitored to ensure accountability, stressing that every Namibian must have a fair chance to benefit.
Presenting an overview of the petroleum industry, NAMCOR's Geologist and Data Management Specialist, Avelinus Shaanika, said Namibia currently has six confirmed basins.
"In the Namib Basin, only two wells have been explored. These confirmed that we have the right rock for oil and gas. But two wells are not enough for us to fully understand the potential, so more work needs to be done."
Shaanika further highlighted that in the Orange Basin, since 2021, economic oil discoveries have been made alongside significant gas findings.
The consultations also gave stakeholders a platform to share their input on how local communities can best benefit from oil and gas resources.
Mayors, CEOs, constituency councillors, and the business community all attended the consultation meeting.