Guard change won’t impact oil, gas
Reports of new discovery
Namibia has forged strategic partnerships and forward-thinking policies which allowed the country to become a beacon of progress, the African Petroleum Producers Organisation says.
The passing of president Hage Geingob will not affect Namibia's rapidly emerging oil and gas sector, analysts told S&P Global Commodity Insights.As ruling party, Swapo is expected to maintain a business-friendly approach to facilitate development of recent discoveries and further exploration, S&P Global reported on its website.
In the latest oil developments, Upstream Online and Quantum Commodity Intelligence this week reported that TotalEnergies made a new oil discovery off the coast of Namibia.
However, it is still premature to determine the commercial viability of the find, the websites stated.
Ruling party
According to Ida Hockerfelt, a senior research analyst at S&P Global, Geingob's death is “unlikely to have a significant impact on oil and gas sector policy, particularly as the ruling party Swapo is expected to remain in power following the 2024 elections”.
"While Swapo has not yet presented its election manifesto, the government is likely to maintain its current business-friendly approach to facilitate development of the recent discoveries as well as promote further exploration," Hockerfelt said.
She added, though, that "discussions will probably continue around the possible introduction of a minimum state participation level, where the opposition has pushed for over 50% carried interest."
State-owned Namcor currently holds a 10% interest in most licenses.
Energy history
Meanwhile, the African Petroleum Producers Organisation (Appo) said Geingob’s legacy was his commitment to making energy poverty history in Africa.
“Through strategic partnerships and forward-thinking policies, Namibia became a beacon of progress in harnessing its natural resources for the benefit of its people,” Appo said in a statement on the website of the African Energy Chamber (AEC).
The organisation referred to the more than six oil and gas discoveries which were made between 2022 and 2024, as well as billion-dollar investment commitments which were pledged in green hydrogen.
Namibia’s implementation of innovative policies and projects paved the way for a more sustainable and inclusive energy landscape, Appo said.
Void
“Namibia emerged as one of the most attractive markets to invest, underpinned by the enabling environment created under president Geingob’s leadership.
“The groundwork laid out during his presidency positioned Namibia as a leader in the region, contributing to the vision of a self-sufficient and economically vibrant Southern Africa,” according to Appo.
The secretary general of Appo, Dr Omar Farouk Ibrahim, said Geingob’s passing leaves a void that will be felt across the region and the continent.
“His legacy will undoubtedly serve as a source of inspiration for current and future leaders committed to the ideals of progress, inclusivity and sustainable development for Africa,” Ibrahim added.