Embracing Namibia's (black) gold rush
Ah! We’ve discovered oil! Akin to the frenzied gold rush of America in the 19th century that defined an entire era, fast forward to present-day Namibia - we are literally standing at the cusp of a similar transformative journey, fuelled not by gold nuggets but by the discovery of 'black gold'... Oil. As we chart our course into this new era, it’s important to note the opportunities that lay before us and theresponsibility we bear as custodians of our nation’s future.
The recent flurry of commercial discoveries in the offshore Orange Basin brings in a monumental shift in Namibia’s economic landscape. TotalEnergies, alongside Portuguese counterpart Galp and supermajor Shell, have unearthed a treasure trove of hydrocarbon reserves, positioning Namibia as the veritable new frontier in the global oil exploration market. The most recent Mangetti-1X well and the Mopane
discoveries stand as testament to the vast potential lying beneath our coastal waters, waiting to be harnessed for the benefit of our nation. Yes, yes, we have to remain cognisant of the global energy transition and net zero emissions drive. The reality on the ground is different: We have oil now and we have to maximise its potential while working towards the goals previously mentioned.
We have to keep sight of the broader implications and responsibilities that accompany this newfound wealth. The socioeconomic ramifications of the oil and gas industry extend far beyond the confines of exploration rigs and drilling platforms. They permeate every facet of our society, shaping our environment, economy and future trajectory.
Unparalleled opportunities
First and foremost, the emergence of the oil sector presents unparalleled opportunities for job creation and skills development. From engineers and geologists to technicians and support staff, the demand for a diverse array of talents will soar as we delve deeper into oil extraction and refinement. Namibia must prioritise local content and youth participation for employment and capacity-building initiatives to
ensure that Namibians are at the forefront of this burgeoning industry, reaping the benefits of economic empowerment and self-sufficiency and essentially fulfilling late president Hage Geingob’s dream.
Our discoveries hold the potential to revolutionise Namibia’s economy, potentially generating thousands of jobs and injecting billions into the country’s gross domestic product (GDP). Projections suggest that by 2040, Namibia’s economy could double in size, underscoring the transformative impact of the oil and gas sector.
The dawn of Namibia’s oil rush represents a watershed moment in our nation’s history, offering a rare opportunity to chart a course toward prosperity and progress. As we stand on the precipice of this new era, let’s seize the reins of our destiny with unwavering determination and foresight. Let’s harness the transformative power of our oil reserves to forge a future defined by inclusivity and youth participation, innovation and sustainability. The road ahead will be filled with challenges, but with unity of purpose and collective national action, we can navigate the currents of change to emerge stronger and more resilient than ever before. The time to act is now.
**Paulo Coelho is the communications manager at the National Petroleum Corporation of Namibia. He writes in his personal capacity.