Historically overlooked by independent oil companies (IOCs) and considered something of an oil and gas frontier state, Namibia is establishing itself more prominently on the international oil and gas map.<\/p>\n
The Wingat-1 discovery by HRT in 2013, which encountered rich oil-bearing source rocks in the Walvis Basin, was the start of this change and, in the years since, the country has become a much more attractive proposition for oil exploration.<\/p>\n
Coupled with favourable fiscal incentives, Namibia has drawn a wealth of oil majors including Tullow, Total, GALP, Shell, ONGC and ExxonMobil.<\/p>\n
A coming industry boom is anticipated.<\/p>\n
Namibia\u2019s competitive petroleum exploration scene has helped the state-owned National Petroleum Corporation of Namibia (NAMCOR) to take a stand in shaping the country\u2019s prospects. With a 10% interest in multiple international companies operating in the country, NAMCOR is ready to help Namibia become one of the leading petroleum-producing countries on the continent.<\/p>\n
\u201cNamibia\u2019s growing oil and gas sector is likely to transform the country\u2019s economy,\u201d says Maggy Shino, Petroleum Commissioner for Namibia.<\/p>\n
\u201cWe anticipate discussing these developments with our\u00a0stakeholders at Africa Oil Week in Dubai in November, with Hon. Minister\u00a0Tom Alweendo, Minister of Mines and Energy, who has confirmed his presence.<\/p>\n","protected":false},"excerpt":{"rendered":"