'If You Don't Follow Rules, You're Not Allowed To Play': Namibian Manager on Resource Deals
'If You Don't Follow Rules, You're Not Allowed To Play': Namibian Manager on Resource Deals
Namibia's 10% oil resources stake through NAMCOR represents just one aspect of sovereign control; the true foundation lies in its laws and regulatory frameworks, Paulo Coelho, Head of Communications at NAMCOR told Sputnik Africa.
Сoehlo commented on halted unapproved 42.5% offshore license deal, involving oil companies TotalEnergies and Petrobras, with Namibia enforcing regulatory oversight on exploration rights.
"We want visibility, we want good governance and government to be involved and it just makes sure that we have a seat at the table," he added.
While it may delay processes and deter some investors, blocking the deal was the right call—the primary risk was one of governance, the speaker stressed.
"If transactions aren't announced publicly, then the government and the public are in the dark and we don't know what's happening with our resources when we're not looking," Coehlo said.
NAMCOR's stance, he added, is indeed inspiring other countries to safeguard their energy sovereignty, influencing nations through the extensive bilateral relationships with fellow oil-producing countries and operators.
"The principle is just that we want to promote strong institutions that create strong outcomes and resource beneficiation for locals, so local content for us is the big thing," the speaker noted.
This policy, Coehlo believes, will positively shape Africa's future offshore deals.
Watch the video to find out what are NAMCOR's next steps to ensure benefits from the Orange Basin to go to Namibians first
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