AEC executive chairman Mr NJ Ayuk said this following recent meetings with Namibian government officials and private sector representatives as part of preparations for Africa Energy Week (AEW), which will be hosted in Cape Town South Africa from November 9 to 11, 2021.
Mr Ayuk said, “Namibia is committed to AEW 2021, and we are honoured to announce the participation by government and industry leaders. Namibia represents one of the most lucrative investment destinations in Africa, with emerging oil, gas and mining industries backed by a focused and modern regulatory framework positioning the country as a global competitor in 2021 and beyond.
“AEW 2021, as Africa’s premier energy conference, is the ideal platform by which Namibia can showcase its energy sector to the world, attracting significant foreign capital that will drive both energy sector and economic growth country wide.”
He also said with an emphasis on local content, technical and regulatory affairs, and exploration and production, Namibia would have a strong narrative for investment at AEW 2021.
Mr Ayuk’s delegation had engagements with Mines and Energy Minister Tom Alweendo, Petroleum Commissioner Ms Maggy Shino, the MD of the National Petroleum Corporation of Namibia Mr Immanuel Mulunga, and the MD of the Association of International Petroleum Negotiators Mr Shakwa Nyambe, among others.
Discussions centred on Namibia’s anticipated oil boom and the increase in upstream activities within the context of attracting investment.
In a statement, the AEC said, “Representing a relatively new oil and gas sector, and yet one with significant resources, Namibia is open for investment and is actively seeking partners to develop its industry, establish Namibian energy independence and security, and fast track economic growth.
“The AEC’s meeting with Hon. Tom Alweendo reiterated the role of AEW 2021 in contributing to Namibia’s oil boom, driving investment as well as both regional and international participation in the country’s emerging sector.
“Furthermore, meetings with Immanuel Mulunga from Namibia’s national oil company, NAMCOR, emphasised the potential of the country’s oil and gas sector, providing insight into the current exploration activities across the country. NAMCOR has fully committed to AEW 2021 and will host a Namibia Pavilion at the event, showcasing the range of investment opportunities present in the sector and providing a base for which critical knowledge about the country can be gained.”
The AEC also said, “With NAMCOR playing an integral part in the AEW 2021 program, the country is set to drive investment and ensure energy security for years to come.
Finally, meetings with Namibia’s Petroleum Commission highlighted the role of local content and a supportive regulatory environment in advancing Namibia’s energy sector. Maggy Shino has declared that the Commission is fully committed to AEW 2021 and will participate in the event’s exciting program, hosting various technical and regulatory programs in a bid to promote Namibia and drive a constructive dialogue on the role of regulation. Additionally, the Commission, being particularly content driven, is focused on making AEW 2021 a success and will work hand in hand with the AEW 2021 team to ensure as such.”
Namibia’s emerging energy sector – comprising approximately 11 billion barrels of oil reserves and 2.2 trillion cubic feet of proven gas reserves – has attracted significant attention from investors.
Recent drilling by Reconnaissance Energy Africa indicated that Namibia’s 6.3 million-acre Kavango Basin may hold billions of barrels of oil. Other exploratory work is being conducted by Tullow Oil, ExxonMobil, Qatar Petroleum, Shell and Total Energies.