{"id":4128,"date":"2021-10-27T12:42:01","date_gmt":"2021-10-27T12:42:01","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/tweya-drills-into-namcor-over-kavango-oil-shares"},"modified":"2021-10-27T13:34:35","modified_gmt":"2021-10-27T13:34:35","slug":"tweya-drills-into-namcor-over-kavango-oil-shares","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/tweya-drills-into-namcor-over-kavango-oil-shares","title":{"rendered":"Tweya drills into Namcor over Kavango oil shares"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>THE controversial oil and gas drilling project in the Kavango is under fire again. Tjekero Tweya, the chairperson of the Parliamentary Standing Committee on Natural Resources, has come out guns blazing against ReconAfrica for the 10% stake in the project the oil and gas exploration company allocated to the National Petroleum Corporation of Namibia (Namcor).<\/p>\n

Local communities, alliances, celebrities, and scientists from the international community have petitioned the Namibian government to stop the drilling project because of the Okavango Delta\u2019s biodiverse ecosystem. According to Tweya, it is the responsibility of the standing committee on natural resources to respond to this petition.<\/p>\n

At a consultative meeting, he asked Namcor board members how Namibians will benefit from the petroleum exploration licence in the Kavango region, and why only 10% was allocated to Namcor, while ReconAfrica holds the majority 90% interest in the project.<\/p>\n

\u201cRecon applied for a licence to explore on those six blocks (of land). How did Namcor get the 10%? Don\u2019t make it complicated. You are not speaking to uninformed members, so don\u2019t waste our time. Give us accurate information so we can inform parliament,\u201d Tweya said.<\/p>\n

Chairperson of the Namcor board, Jennifer Comalie, said Recon made a proposal to the Ministry of Mines and Energy, which it accepted. \u201cThey could\u2019ve said 30% or something, but the mines ministry approved the licence with those conditions,\u201d Comalie said.<\/p>\n

\u201cWe would like to get more. However, this is not up to us. The country needs to develop legislation or policies which can guide investors on what percentage is given to SOEs by investors. We are just on the receiving end. It is on you policymakers to determine what percentage should be given. As a state-owned enterprise, we should have more involvement in these licences, but is for you to give guidance on these policies,\u201d Comalie said.<\/p>\n

The Namcor board informed the committee that since the inception of the project in 2015, ReconAfrica has spent a total of US$50 million on the Kavango oil and gas project.<\/p>\n

Also, that the Namibian government has not paid a single cent towards the project. That meant most of the risks and losses would be imparted onto Recon Africa.<\/p>\n

They said benefits for Namibians in the project include employment, as well as on-the-job training for Namcor employees and university students, as the country has not seen a project of this nature since 1991.<\/p>\n

Mike Kavekotora, a member of the natural resources committee, shared Tweya\u2019s concerns. He said if the project were to reach a production stage, Namibia\u2019s profits would remain stagnant in lieu of the 10% Namcor stake and that the country\u2019s resources would largely be in foreign hands. He said consultative meetings such as this will help lawmakers give recommendations and amend some of these laws.<\/p>\n

Giving a glimpse at the current financial value of the project, Martin Negongo, asset manager at Namcor, said based on share prices, the market value of the Kavango oil and gas drilling project stood at US$877 billion as on 27 July 2021, while Namcor\u2019s 10% share allocated by Recon through the Petroleum Exploration Licence (PEL) 73 equates to US$87,7 million.<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. THE controversial oil and gas drilling project in the Kavango is under fire again. Tjekero Tweya, the chairperson of the Parliamentary Standing Committee on Natural Resources, has come out guns blazing against ReconAfrica for the 10% stake in the project the oil and gas exploration company allocated to the National Petroleum Corporation […]<\/p>\n","protected":false},"author":84,"featured_media":4127,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[234,236,1958,233,1959],"class_list":["post-4128","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-namibia","tag-kavango-oil-shares","tag-namibia","tag-tweya-drills"],"yoast_head":"\nTweya drills into Namcor over Kavango oil shares - Namibia<\/title>\n<meta name=\"description\" content=\"THE controversial oil and gas drilling project in the Kavango is under fire again. 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