Venus opportunities take shape
The National Petroleum Corporation of Namibia’s (Namcor) executive for upstream development and production, Mtundeni Ndafyaalako, says the estimated US$18 billion expected to be invested in the development and operation of the Venus oil field is already creating opportunities for Namibians, even before the country produces its first barrel of oil.
Speaking at the third Youth in Oil & Gas Summit in Walvis Bay, where Namcor was the official National Oil Company partner, Ndafyaalako said the focus should now shift from celebrating discoveries to preparing Namibians to participate in the country’s emerging petroleum industry.
“Opportunity will not wait for first oil. Opportunity is being created right now, in the readiness phase,” he said.
Venus close to FID
Ndafyaalako said Namibia’s oil and gas sector was entering a new phase as the proposed Venus development moved closer to a final investment decision (FID).
He said the project is expected to attract about US$11 billion in development investment, with a further US$7 billion projected for operations over the life of the field.
According to Ndafyaalako, more than US$2 billion has already been spent in Namibia, with expenditure spread across the Erongo, Khomas and //Kharas regions, indicating that economic benefits are already reaching the local economy during the pre-development phase.
He said the project is expected to create about 5 000 jobs during construction and a further 7 000 jobs during the development phase, while efforts are under way to increase Namibian participation in the workforce.
Ndafyaalako said direct employment on the project is expected to become increasingly localised, with the proportion of Namibians targeted to rise from 50% to 90% as the industry develops.
Planned Venus Academy
To support this objective, he said the Venus Academy, scheduled for commissioning in the first quarter of 2029, will train and certify Namibians to internationally recognised industry standards, preparing them for employment across the petroleum value chain.
He stressed that local content should not be viewed as preferential treatment, but rather as something earned through skills, performance and compliance.
“Local content is not a gift and it is not a quota. It is built on competence, compliance and commitment,” he said.
Addressing young Namibians, Ndafyaalako urged them to prepare themselves for the opportunities emerging from the country’s offshore petroleum discoveries.
“To the youth of Namibia, this resource endowment belongs to your generation. Come prepared,” he said.
