Petroleum Africa
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Sunday, March 5, 2017
Namibian state-run oil and gas firm Namcor, as part of the JV that will explore in the Kavango West region for hydrocarbons, will only be entitled to a 7% share of the profits if exploration pays off.
The state-run firm is partnered withAngolan-based oil firm Acrep and two Namibian firms on Blocks 1718 and 1818 in the Etosha Sedimentary Basin. The country’s Minister of Mines and Energy, ObethKandjoze, toured the blocks in an effort to familiarize himself with the developments ongoing in the sector.
Kandjoze said that the 7% stake was simply a consensus agreement, stressing that the idea is to encourage local participation.
“This is much like it (Namcor) has had a 10% shareholding in Kudu [gas project], and many other licenses,” he explained, adding that there are very few licenses that have no participation by Namcor.
He said the country’s laws allow for anyone with financial muscle and geo-scientific knowledge in the field of oil and gas to express interest by way of an application to do business in this field.
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