By Shiwana Ndeunyema
There are defining moments in the history of every nation when the future suddenly appears closer than anyone had imagined. For Namibia, that moment arrived in January 2022.
Until then, the country had quietly gone about its business. Offshore petroleum exploration had been underway for decades.
Exploration licences had been awarded. Seismic surveys had been completed. Wells had been drilled. The work was deliberate, patient and highly technical.
It attracted the attention of geologists and petroleum professionals, but very little public interest.
Then came the announcements that changed everything.
Major offshore discoveries immediately placed Namibia at the centre of the global energy conversation. International media turned its attention towards our coastline.
Investors began arriving in increasing numbers. International oil companies accelerated their activities. Service companies established a presence in anticipation of new opportunities
Suddenly Namibia was being spoken of as one of the most promising frontier petroleum provinces in the world.
For many Namibians, it felt as though prosperity had arrived.
Those of us working in the sector understood that the journey had only just begun.
We had been here before. Earlier discoveries had generated optimism before ultimately proving uneconomic to develop.
Experience had taught us that discovery alone was never enough. The resource first had to undergo rigorous appraisal to determine its size, quality and commercial viability before any Final Investment Decision could be made.
Excitement therefore gave way to disciplined optimism.
It was during this defining period that I had the privilege of serving as Interim Managing Director of NAMCOR for close to a year. Few experiences could have provided a more unique vantage point from which to witness Namibia’s emergence onto the global energy stage. I engaged with governments, National Oil Companies, international operators, investors, financiers and service providers who increasingly viewed Namibia as one of the industry’s most exciting emerging destinations.
Those engagements took me to several established and emerging energy jurisdictions, including Norway, Malaysia, Qatar, Abu Dhabi, Guyana, Ghana, Angola, Senegal and Equatorial Guinea, among others. While each country possessed its own history, institutions and development path, one lesson consistently emerged.
The countries that transformed natural resources into lasting national prosperity were seldom those with the largest discoveries.
They were the countries that made the right strategic decisions long before the first barrel was produced.
As Namibia advances towards first oil, I believe five strategic priorities deserve our collective attention.
Strong Institutions Create Strong Energy Economies
Every successful petroleum producing nation has one characteristic in common. Its institutions matured before its revenues did.
Perhaps no country demonstrates this more effectively than Norway. Long before oil revenues transformed the Norwegian economy, the country invested in institutions capable of managing its petroleum sector with technical competence, commercial discipline and unwavering governance.
Equinor became far more than a petroleum company. It became a strategic instrument through which the Norwegian State protected national interests while building world class expertise.
Malaysia followed a similar path through Petronas. Rather than merely participating in petroleum projects, Petronas evolved into a globally respected National Oil Company while simultaneously developing local technical capability, engineering expertise and industrial capacity.
These examples offer an important lesson for Namibia.
A National Oil Company is not simply another participant in the industry. It represents the commercial interests of the State and, by extension, every Namibian.
Its responsibility extends beyond commercial participation. It must safeguard national interests, develop technical capability, strengthen commercial expertise and ensure that the country’s petroleum resources create lasting public value.
Equally important is the role of Government.
The Ministry responsible for petroleum provides policy direction, licensing certainty and a stable investment environment.
Investors are prepared to commit billions of dollars where governments demonstrate consistency, transparency and professionalism.
The Ministry of Finance, supported by the Namibia Revenue Agency, performs an equally strategic role.
Petroleum production only creates national prosperity when fiscal institutions possess the capacity to convert production into sustainable public revenue through effective taxation, prudent fiscal management and responsible stewardship of national resources.
Institutional capacity also extends to strategic coordination and technical development. The Petroleum Unit within the Office of the President provides strategic leadership across the sector, while PetroFund continues to play an indispensable role in developing the engineers, geoscientists, economists and petroleum professionals who will ultimately sustain Namibia’s industry.
Petroleum wealth cannot compensate for weak institutions. Strong institutions are what transform resource wealth into national prosperity.
Local Content Must Build Competitive Capability
One of the most consistent lessons from my engagements across Africa and beyond is that local content should never become an exercise in compliance. Its true purpose is capability.
Ghana has made meaningful progress by deliberately expanding the participation of indigenous businesses throughout the petroleum value chain while continuously strengthening technical competence.
Angola has similarly demonstrated that long term investment in local suppliers, engineers and professionals gradually creates a domestic industry capable of competing alongside international companies.
Local content therefore should not simply be measured by procurement statistics or contract values.
Its real measure is whether Namibia produces internationally competitive businesses, skilled professionals and innovative entrepreneurs capable of succeeding long after individual petroleum projects have concluded.
Infrastructure Determines Competitiveness
Petroleum development extends far beyond offshore platforms.
The countries that consistently attract investment understand that infrastructure is itself a competitive advantage.
Abu Dhabi and Qatar recognised this decades ago. Their investments in ports, logistics, industrial zones, aviation, digital infrastructure and modern cities created economies that continue attracting global capital well beyond the petroleum sector.
Guyana offers a more recent example. Despite being one of the world’s newest petroleum producers, significant emphasis has already been placed on expanding ports, transport networks, public infrastructure and institutional capacity to support broader economic development.
Namibia possesses similar opportunities. Strategic investment in ports, logistics, energy infrastructure, storage facilities, telecommunications and industrial development can position our country as Southern Africa’s preferred energy and logistics gateway.
The benefits would extend far beyond petroleum.
Policy Certainty Remains Our Greatest Competitive Advantage
One message was remarkably consistent across every jurisdiction I visited. Capital is attracted by certainty.
Investors understand geological uncertainty because it is inherent to exploration. Policy uncertainty, however, is entirely avoidable. Namibia has earned an international reputation for political stability, sound governance and respect for the rule of law.
Protecting those strengths may ultimately become one of our greatest competitive advantages.
Think Beyond Oil
Perhaps the most profound lesson from Norway, Qatar and the United Arab Emirates is that their greatest achievements are no longer measured by petroleum production alone. Oil became the catalyst for something much larger.
Resource revenues financed education, technology, infrastructure, sovereign wealth, industrialisation, renewable energy and economic diversification. Petroleum financed transformation. It was never the transformation itself. Namibia now possesses a unique opportunity.
Our petroleum discoveries coincide with exceptional potential in renewable energy, green hydrogen, critical minerals and logistics. Together these sectors can position Namibia as one of Africa’s leading integrated energy economies. That should become our national ambition.
The Real Discovery
Looking back, January 2022 was never simply about what was discovered beneath Namibia’s seabed. It marked the beginning of a national conversation about leadership, governance and the future we choose to build.
Natural resources create opportunity. Institutions convert opportunity into prosperity. Leadership transforms prosperity into lasting national development.
The world has already recognised Namibia’s geological potential. Our next challenge is to demonstrate institutional excellence equal to that opportunity.
When Namibia’s energy story is written decades from now, the defining chapter will not be the discoveries beneath our ocean floor. It will be the decisions made in our institutions, our boardrooms and our public offices.
Future generations will not judge us by the size of our discoveries. They will judge us by what we built because of them.
*Shiwana Ndeunyema is an executive strategist with a particular interest in natural resources, public institutions and economic transformation. His writing explores the strategic choices that shape institutions, industries and nations.
