Partnerships crucial for Nam’s success in oil, gas sector
Adolf Kaure The Economic Association of Namibia’s chairman, Jason Kasuto, outlined the vital role partnerships play in securing investment and international suppliers in the oil and gas sector. He was speaking at the local content masterclass, held during the fourth edition of the Namibia Oil and Gas Conference and Exhibition, which began on Tuesday in... The post Partnerships crucial for Nam’s success in oil, gas sector appeared first on New Era .
The Economic Association of Namibia’s chairman, Jason Kasuto, outlined the vital role partnerships play in securing investment and international suppliers in the oil and gas sector.
He was speaking at the local content masterclass, held during the fourth edition of the Namibia Oil and Gas Conference and Exhibition, which began on Tuesday in Windhoek.
“A consortium of three Namibian firms wins the contract that you cannot win alone. Join ventures with international suppliers here and with Pan-African suppliers as well. That is not charity – that is how Nigeria, Angola and Ghana built their supplier base,” Kasuto stated.
The masterclass is designed to equip Namibian businesses and professionals to take advantage of opportunities arising from the country’s developing oil and gas industry.
Kasuto also highlighted the importance of oil and gas firms becoming bankable.
“Finances follow the paperwork. They do not follow your passion. Audited accounts and governance show that capital can be found. Whether it is a final investment decision, development finance, commercial banks, or institutional funding to meet that entry stage where many risks are perceived to be carried, that capital will only reach the enterprises it recognises,” he added.
The three-day conference is being attended by over 1500 delegates from across the globe.
Also speaking at the masterclass, Rhino Resources’ deputy country manager, Ndakolo Haiduwo, stated that progress in the sector will depend on how effectively partnerships are forged through purpose.
“Progress towards local upliftment will depend on trusted institutions with aligned objectives and a shared understanding of what success would deliver. No single stakeholder will succeed on its own, but together we can create outcomes that are far greater than anything we can achieve independently.”
Those partnerships must be guided by a common purpose. They must be about national development and about economic diversity and expanding opportunities, creating pathways to prosperity for both the current and future generations,” Haiduwo elaborated.
Benchmarking the pioneers
Namibia has also seen success with major companies like Chevron and Shell making discoveries in the Orange and Walvis Bay Basins in recent years.
Another key highlight has been the acquisition of local firm, Nasan, of 52 service stations countrywide.
According to Kasuto, lessons can be learnt from countries that have delved into the oil and gas sector before Namibia.
“We are not walking this road first. Nigeria walked it before us with some hard lessons and real victories,” Kasuto affirmed.
The Gas Exporting Countries Forum’s (GECF) secretary general, Philip Mshelbila, urged Namibian firms to focus on the collection and analysis of data when benchmarking in the oil and gas sector, saying the forum helps member states prepare in that way.
“Our focus is to create a platform not only for dialogue and cooperation but also to provide our members and potentially Namibia with several things, including intelligence. You need to have incredible data that inform your decisions,” Mshelbila said.
The theme of this year’s conference and exhibition is “from decision to dividend: making Namibia’s oil work for Namibians”.
The event, which concludes today, features several masterclasses as well as an exhibition showcasing local and international businesses in the oil and gas sector.
–akaure@nepc.com.na
