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.
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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.”