Namibia is looking to take minority stakes in petroleum production companies, joining nations considering nationalisation of resources, reported Bloomberg News.

A major producer of uranium and diamonds, the country is also considering taking stakes in mining firms and establishing a minerals exploration fund.

The move comes amid surging concerns over the country’s key resources’ local ownership.

Namibia Mines and Energy Minister Tom Alweendo was quoted by the news agency as saying to lawmakers: “We are making a case that local ownership must start with the state, which holds ownership of our natural resources.

“The proposed state ownership should take the form where the state owns a minimum equity percentage in all mining companies and petroleum production, for which it does not have to pay.”

Some of the nations, including Brazil, Chile, Indonesia, Peru, Philippines and Zimbabwe, are looking to maximise the value of their mineral resources or contemplating enhanced state intervention in their respective mining sectors, partly due to surging commodity prices, reported Bloomberg News.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

In March 2023, Reuters reported that Namibia’s state-owned oil company NAMCOR and its partners Shell and QatarEnergy made an oil discovery in the Jonker-1X deepwater exploration well in the offshore Orange Basin.

NAMCOR managing director Immanuel Mulunga was quoted by the news agency as saying: “We are delighted to announce this third oil discovery after the success of the Graff-1X and Venus-1X discoveries by Shell and TotalEnergies in 2022.”