NAMCOR’s Interim Managing Director Ebson Uanguta revealed the company’s strategic plan to manage operations directly, moving beyond its current role.
Namibia’s national oil company, NAMCOR, plans to increase its stake in exploration blocks from the current 10% to 80% in 15 years, positioning itself as a major player in the global energy sector.
“We want to see NAMCOR becoming an active operator. Doing the operation there themselves. Doing operation and also going through all the necessary stages until production. So by that time we should not only be speaking about NAMCOR having 10% in some of the blocks. NAMCOR possibly should be holding 80%,” said Uanguta.
He said the shift from a passive participant to an active operator in the hydrocarbon industry is part of NAMCOR’s long-term vision.
Uanguta said the transition will require developing essential skills and securing capital investments to support exploration and production activities.
“We want NAMCOR to become an active operator. So far we are only passive. First and foremost, because of what I cited, we do not have sufficient resources to do this exploration on our own. Secondly, we also do not have the necessary critical skills that we will need to do this exploration on our own. But in our vision, in 15 years to come, we should be able to become an active operator,” he added.
Currently, NAMCOR holds a 10% non-carrying interest in most of Namibia’s oil and gas exploration projects.
However, Uanguta noted that the company is also looking to enhance its onshore exploration efforts, particularly in the Okavango Basin.
“Our ongoing drilling activities in the Okavango Basin represent promising prospects for hydrocarbon resources, both offshore and onshore,” he said.
The move comes amid growing calls for the Namibian government to increase its stake in ongoing oil and gas ventures.
In 2022, the Parliamentary Standing Committee on Natural Resources recommended that the government hold a 51% shareholding in companies operating in the petroleum sector through NAMCOR.
Namibia has seen significant oil discoveries in recent years, including Graff-1X, Venus-1X, Jonker-1X, and Lesedi-1X, in collaboration with major international partners such as Shell, Qatar Energy, Total, and Impact, alongside NAMCOR.
