The Ministry of Mines and Energy says it is expediting the finalisation of Namibia’s National Upstream Petroleum Local Content Policy, which is nearing approval.
The policy, designed to promote local participation and sustainable development, has been a top priority for the Ministry of Mines and Energy.
Minister of Mines and Energy Tom Alweendo said the draft policy aims to promote local content in the oil and gas sector, enabling Namibians to benefit from the country’s natural resources, from exploration and production to refining and distribution.
“The draft policy outlines a pathway for Namibian citizens and companies to benefit from our natural resources by increasing their participation in the oil and gas industry, from exploration and production and throughout the entire industry’s value chain,” he said.
Alweendo further explained that the policy is designed to ensure that the benefits of oil and gas development are distributed fairly among Namibians, with a particular focus on previously disadvantaged communities.
The policy also emphasises the importance of sustainable resource management, environmental protection, and social responsibility.
Another tenet of the policy is to establish a clear and transparent regulatory framework for the oil and gas industry.
“We at the Ministry are striving to enact the framework to create an internationally competitive petroleum sector that maximises the benefits for our people and leverages our natural resources for broader national development. We are laser-focused on achieving a balance between increasing local participation and attracting foreign investment,” Alweendo said.
He also said the approval of the National Upstream Petroleum Local Content Policy is expected to attract significant investment and boost Namibia’s economic growth.
Alweendo added that as the country continues to explore its vast oil and gas reserves, the policy will play a crucial role in ensuring that the benefits of this natural resource are shared equitably among Namibians.
“We are at the dawn of an energy revolution that will transform our economy. Discoveries in the Orange Basin suggest the biggest oil yield ever found in sub-Saharan Africa and there’s still so much to discover, both in the Orange Basin and in other locations. Which is why we must act proactively now. We must seize the opportunity to implement policies that will protect investors and Namibia’s best interests when it comes to our natural resources,” he said.
