Shepherdstree managing partner Ekkehard Friedrick highlighted Namibia’s oil discovery success rate on Tuesday, saying the country has an 86 per cent success rate in terms of exploration compared to the global average of 30 per cent.
Friedrick made the remarks during a presentation held as part of the Namibia Local Content Conference in Lderitz on Tuesday, saying Namibia’s oil discoveries offshore are progressing at a rapid rate.
‘We are moving at an unprecedented rate. That can be good but can also be bad because we might be taking shortcuts that we are not aware of in terms of environmental laws and so on, but if we do this correct, we have the opportunities to create wealth because we have a low population,’ he said during his presentation on the topic ‘The Namibian Oil and Gas story – globally significant finds vs. local opportunity.’
He added that Namibia in 2023 was part of the four top countries in the world in terms of oil discovery.
John Ferraz, an executive for projects at the Edward Nathan Sonne
nbergs law firm said more opportunities for entrepreneurs lie in supporting the oil and gas industry and urged them to form joint ventures.
‘When you consider the range of services needed to support those teams at sea and when the vessels come in is massive. Even supplying water to those who are on sea working is a business opportunity on its own, I know there are a lot of local content policies that drive manufacturing, but I will say to Namibians concentrate on joint ventures, concentrate on low capital requirements for entry into these opportunities,’ he stressed.
Ferraz added that it is important that Namibia sends a message to investors that local content provides an enabling and supporting environment and is not a barrier.
‘The oil and gas industry is an opportunity for celebration and not for tribulation. You are not starting an industry, you are joining an existing industry. It might be seen that in the oil and gas industry, local content is an issue and it is not. Investors want two things – certa
inty and to keep their costs down. Their rules are clear as long the rules do not present a barrier,’ he said.
The three-day conference is aimed at providing a platform for dialogue, collaboration and the exchange of ideas that will shape the future of the oil and gas industry.
The conference is being held under the theme ‘Empowering Namibia’s energy ambitions by connecting industries and indigenous talent’ and about 300 people from Namibia, Angola, Nigeria, Dubai, South Africa and England are taking part in the conference hosted by the Namibia Chamber of Commerce and Industry and Antila Consultancy.
Source: The Namibia Press Agency