The newly elected President of Namibia has shifted the management of the country’s oil and gas sector to the Office of the President to optimize the benefits derived from the burgeoning industry.
President Netumbo Nandi-Ndaitwah made the announcement during the unveiling of her new Cabinet on Saturday.
Nandi-Ndaitwah stated that the new emerging industries of oil and gas need to be managed in the manner that maximizes benefits for all Namibians.
Therefore, the management of these industries will fall under the Office of the President.
The oil and gas sector is projected to contribute approximately N$11.5 billion annually upon commencement of production, with the potential to double Namibia’s GDP by 2040.
The Ministry of Mines and Energy had previously announced that Namibia aims to secure at least two Final Investment Decisions (FIDs) in its nascent oil and gas sector by 2027, facilitating production within the next five years.
Aligning with the Swapo manifesto, which was released last year and committed to conducting a feasibility study for a domestic refinery to enhance value addition, Nandi-Ndaitwah’s administration has prioritized the sector.
The Swapo manifesto also emphasized the urgency of enacting comprehensive legislation to regulate the sector and ensure local ownership and participation.
The president also names Natangwe Ithete the Minister of Mines and Energy.
Ithete, who previously chaired the Parliamentary Standing Committee on Economics and Public Administration, has consistently advocated for increased community benefits from the nation’s natural resources.
To bolster value addition and economic diversification, the Ministry of Mines will now incorporate Industrialization, a portfolio previously held by the Ministry of Trade.
Namibia’s recent petroleum discoveries, notably the highly anticipated Venus project, are projected to enter the production phase by 2030, contingent on successful investment and project execution.
