Namibia’s offshore oil and gas reserves could generate up to N$7.7 billion annually in government revenue through royalties and taxes, Deputy Prime Minister and Minister of Industries, Mines and Energy, Natangwe Ithete, has said.
Speaking at the third Namibia Oil and Gas Conference in Windhoek, Ithete said the discoveries—estimated at 11 billion barrels of oil and 2.2 trillion cubic feet of gas—must be used to deliver long-term prosperity.
“It is important to note that oil and gas have potential to generate up to N$7.7 billion per year in government revenue through royalties and taxes,” he said.
He pledged that revenues would be invested in infrastructure, education, renewable energy and job creation, with local content at the centre of industry development.
“Our government’s pledge is clear: Every barrel, every cubic foot, must translate into jobs, infrastructure, and opportunities for Namibians. The revenues will not be squandered, they will build schools, power our homes, and seed our renewable energy future. Local content will be the heartbeat of this industry, our businesses, our skills, at the centre of value creation,” he said.
Ithete said Namibia welcomed partnerships but only on terms that safeguard the environment, respect communities and ensure fair benefit sharing.
“Colleagues at the ministries and relevant institutions, we have one chance to get this right, therefore, failure is not an option! We must succeed, so that the oil beneath our seas fuel prosperity long after the wells run dry. If we fail, history will judge us harshly,” he said.
