By AJERAP Correspondent
Namibia is seeking to ensure that its emerging oil industry delivers broad economic benefits, with the government putting local content, industrialisation, revenue management and institutional capacity at the centre of its strategy as the country moves towards first oil around 2030.
Speaking at the opening of the Namibia Oil and Gas Conference 2026 in Windhoek, Vice President Lucia Witbooi said the country must learn from the experience of established oil producers and ensure that its petroleum discoveries translate into jobs, stronger local businesses, infrastructure, technology transfer and sustainable government revenues.
“But let me state clearly: discovery is not the destination,” Witbooi said.
“A resource beneath our waters becomes a national success only when it is responsibly developed and translated into tangible improvements in the lives of our people.”
Her comments underline Namibia’s determination to avoid the challenges that have characterised parts of Nigeria’s oil experience, particularly the difficulty of converting decades of petroleum production into broad-based industrial development.
Namibia is preparing to develop major discoveries, including Venus and Mopane, with Venus among the country’s most advanced offshore projects.
Witbooi said publicly stated plans envisaged an FPSO-based Venus development with a production plateau of about 150,000 barrels of oil equivalent per day and first oil around 2030, subject to final investment approval and regulatory processes.
“The Government therefore recognises that timely project delivery matters,” she said, warning that “speed cannot come at the expense of sound governance, appropriate fiscal returns, environmental protection or long-term national interests.”
Beyond crude production, Namibia wants petroleum to serve as a foundation for wider industrial development.
“The value chain must extend beyond the offshore platform to ports, logistics, fabrication, engineering, marine services, financial services, information technology, environmental services, catering, accommodation, training, research and development, manufacturing and other supporting sectors,” Witbooi said.
She said the country was advancing a National Upstream Petroleum Local Content Policy aimed at increasing employment, local supplier participation, technology transfer and Namibian ownership.
Witbooi urged operators and contractors to integrate local participation into project planning from the outset rather than treating it as a regulatory obligation.
“I therefore call upon operators and contractors to treat local content as a strategic business responsibility rather than a compliance exercise,” she said.
“Waiting until major contracts are already awarded will be too late.”
However, she cautioned that local participation must not undermine commercial viability.
“Local participation cannot mean compromising safety, quality, efficiency or international competitiveness,” she said.
Revenue management is another pillar of Namibia’s strategy. Witbooi said the country’s Welwitschia Sovereign Wealth Fund was intended to ensure that petroleum revenues were not consumed at the expense of future generations.
“The principle is simple: petroleum revenue must not be treated as an invitation to consume more today at the expense of tomorrow,” she said.
Namibia also wants investors to create lasting domestic value rather than merely extract resources.
“We seek investment that creates enduring national value,” Witbooi said, adding that local participation “cannot depend entirely on foreign capital.”
“Our ambition is not simply to become an oil-producing country,” she said. “Our ambition is to become a country that uses the petroleum opportunity intelligently to accelerate economic transformation.”
Also speaking at the conference, Hon. Kornelia Shilunga, Special Advisor and Head of the Upstream Petroleum Unit, said Namibia was positioning its emerging oil and gas industry as a catalyst for industrialisation, job creation and economic diversification rather than simply a source of crude oil exports.
Shilunga said the discoveries in the Orange Basin had created significant opportunities, but also placed a responsibility on government to ensure that petroleum resources deliver lasting benefits to Namibians.
She said the conference theme, “From Decision to Dividend: Making Namibia’s Oil Work for Namibians,” was particularly relevant as the country moves from exploration towards commercial development.
According to Shilunga, government was engaging investors and operators on major discoveries, including the Venus development operated by TotalEnergies, as it works towards final investment decisions.
“Project development requires capital, technology, infrastructure, skills, regulatory certainty and strong partnerships between Government and industry,” she said.
She said Namibia’s National Upstream Local Content Policy, approved by Cabinet, would provide a framework for increasing Namibian participation across the petroleum value chain through local business development, employment, skills and technology transfer, and access to procurement opportunities.
“Local content must, however, go beyond participation for its own sake. We want to see Namibian companies developing the capacity, expertise and financial strength to compete within the petroleum industry and, ultimately, beyond it,” Shilunga said.
She also advocated greater value addition through refining, petrochemicals, gas-to-power, logistics, fabrication, marine services, storage and engineering.
According to her, petroleum should become an anchor for industrial development under Namibia’s NDP6 framework, supporting diversification, employment and value addition.
She identified Walvis Bay and Lüderitz as potential petroleum service and logistics hubs, stressing the importance of ports, roads, airports and other supporting infrastructure.
On investment, Shilunga said Namibia remained open to investors prepared to bring capital, technology, expertise and long-term commitment to its frontier basins.
“Namibia is open for responsible investment. Namibia is open for partnership. And Namibia is open for innovation,” she said.
She stressed, however, that investment must contribute to Namibia’s broader development agenda.
“The question before us is no longer simply ‘Does Namibia have oil?’ The more important question is: ‘What will Namibia do with the opportunity that oil and gas presents?’” Shilunga said.
“The first barrel will be an important milestone, but it cannot be the destination,” she added.
For Namibia, the test will be whether these policy commitments translate into measurable economic benefits before and after first oil. For Nigeria and other African oil producers, Namibia’s emerging approach offers a reminder that oil discoveries create opportunity, but strong institutions, prudent revenue management and deliberate value addition determine whether that opportunity becomes lasting economic transformation.
