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Namibia'sPetroleumCommissionerStressesOpennessforInvestmentatAEC-S&PGlobalWebinar

Eileen van der Schyff

Namibia's Petroleum Commissioner, Maggy Shino, emphasised the country's openness for investment during a webinar hosted by the African Energy Chamber (AEC) and S&PGlobal Commodity Insights this week Tuesday Shino provided updates on Namibia's exploration activities, stating that the government is committed to maintaining an open market for investment as new exploration campaigns begin. She highlighted ongoing drilling campaigns, seismic surveys, and upcoming drilling projects, demonstrating Namibia's growing potential as an attractiveE&Pmarket.

Shinosharedduringthe webinar, "we have an ongoing drilling campaign with three rigs currently busy drilling appraisal and exploration wells. "Shino also emphasised Namibia's attractive fiscal and regulatory environment, which has garnered heightened interest from global players. The country's latecomer status has allowedittoincorporate environmental provisions into its legislation, ensuring both industry growth and environmental sustainability Namibia is actively working with civil society to improve laws and protect the environment through the Environmental Management Act Recognising the need for inclusive growth, Namibia is implementing local content mechanisms and prioritising economic diversification The government is learning from neighbouring countries, such as Angola, Nigeria, and Equatorial Guinea, to strengthenlocalcontent and enhance value addition. Additionally, Namibia is considering OPEC membership, seeing value in the organisation's ability to manage market dynamics effectively Comparisons were drawn between Namibia and Guyana in terms of their exploration efforts. While their offshore basins have few geological similarities, both countries experienced a similar trend of limited results after years of exploration, followed by a rapid acceleration of developments and E&P campaigns after major discoveries. Namibia's recent discoveries,suchasVenus and Graff-1, have unlocked its deepwater potential, with the Orange Basin presenting significant unexplored prospects Joaquim de Azevedo, Principal Petroleum Economist at S&P Global,highlightedthe positive impact of the oil and gas sector on GDP growth and the well-being of the population in both Namibia and Guyana Erik Meyer, Senior Technical Research AnalystatS&PGlobal, underscored the immense potential in Namibia's Orange Basin and predicted future large-scale discoveries Both Namibia and Guyana are among the world's top 25 basins by identified reserves, attracting global investors with their attractive fiscal terms. They are also prioritising the development of gas-toshore facilities to meet local demand using domesticresources. The webinar provided valuable insights into the respective upstream markets of Guyana and Namibia, allowing Namibia to learn from Guyana's experiences and further solidify its position as an attractive destination for investment in the oil and gas sector

(Source: African EnergyChamber)