#JustIn: Petroleum resources must also benefit future generations

Namibia’s Petroleum Local Content Policy (LCP) must have elements that promote job creation for Namibians, accelerate industrialisation through in-country value creation, strengthen local entrepreneurship through enterprise-development, skills and technology transfer.Speaking at the LCP workshop this morning, mines and energy minister Tom Alweendo said the recent oil and gas discoveries in commercial quantities hold a great potential to transform Namibia’s economy beyond taxes and royalties that would accrue to the state.Like most countries with oil and gas resources, Namibia is set to introduce a LCP to ensure that its citizens benefit, and in-country value is generated from the exploitation its oil and gas resources.“We know of countries where the discovery of oil became a curse and there are also countries where the discovery became a blessing. I would like to believe that we all want our discovery to be a blessing rather than a curse,” Alweendo said.For it to be a blessing hinges mostly on Namibia’s policy environment, especially the institutional and political aspects of it, he added.“What we need to do, however, is to manage the resources with a clear understanding that the resources belong to both the current and future generations. Necessarily, therefore, the management of the resources must benefit both generations,” according to Alweendo.Namibia needs an LCP that will facilitate economic diversification, deepen backward and forward linkages from various segments of the oil and gas sector value chain, thereby fast- tracking the country’s industrialisation, he said.“It shall thus be a requirement for international companies that would participate in the Namibian oil and gas sector to be fully conversant with the LCP,” the minister said.

#JustIn: Petroleum resources must also benefit future generations

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Allgemeine Zeitung 2025-08-21

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#JustIn: Petroleum resources must also benefit future generations

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Allgemeine Zeitung 2025-08-21

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