{"id":62759,"date":"2024-02-07T11:41:34","date_gmt":"2024-02-07T11:41:34","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/namcor-shareholding-not-limited-to-10-uanguta"},"modified":"2024-02-07T11:48:42","modified_gmt":"2024-02-07T11:48:42","slug":"namcor-shareholding-not-limited-to-10-uanguta","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/namcor-shareholding-not-limited-to-10-uanguta","title":{"rendered":"Namcor shareholding not limited to 10% – Uanguta"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>National Petroleum Corporation of Namibia (Namcor) interim managing director Ebson Uanguta noted that Namcor\u2019s shareholding in natural resources is not capped at 10%. In fact, Uanguta noted that Namcor actually has a substantial working interest, up to 67%, in a number of exploration licences.<\/p>\n

Some stakeholders have been complaining about Namibia\u2019s reported 10% shareholding in oil and gas projects, arguing this is too little despite the lucrative sector that is attracting global attention.<\/p>\n

\u201cWe need to recognise that offshore deep-sea exploration and discoveries require significant investment running into billions of dollars which cannot be done single-handedly by Namcor and the Namibian government. And that is why shareholding dilution becomes the only feasible proposition,\u201d explained Uanguta while responding to questions from New Era.<\/p>\n

He added that increasing the 10% shareholding in licences is a subject that is considered on a case-by-case basis and is dependent on various factors, including cost considerations and the involvement of multi-national oil companies.<\/p>\n

While the 10% shareholding is a minimum, Uanguta advised it is crucial to be mindful of the financial and technical resources required for deep-sea exploration offshore. Namcor\u2019s 10% interest is often on a carried basis, meaning international oil companies pay the exploration expenses on behalf of Namcor until commercial production starts.<\/p>\n

Namibia has recently reported significant offshore oil and gas discoveries in the Orange basin, which has become one of the world\u2019s most promising exploration hotspots. Namcor was reported as holding a 10% stake in these exploration deals.<\/p>\n

In addition, Uanguta pointed out that Namibia is a desirable location for exploration companies due to its potential for significant oil and gas deposits, stable political and fiscal climate, and favourable ease of doing business ranking.<\/p>\n

He noted that these elements play a meaningful part in the growing interest in and exploration of Namibia\u2019s continental shelf.<\/p>\n

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

Africa-Press – Namibia. National Petroleum Corporation of Namibia (Namcor) interim managing director Ebson Uanguta noted that Namcor\u2019s shareholding in natural resources is not capped at 10%. In fact, Uanguta noted that Namcor actually has a substantial working interest, up to 67%, in a number of exploration licences. Some stakeholders have been complaining about Namibia\u2019s reported […]<\/p>\n","protected":false},"author":84,"featured_media":62758,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,236,233],"class_list":["post-62759","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nNamcor shareholding not limited to 10% - Uanguta - Namibia<\/title>\n<meta name=\"description\" content=\"National Petroleum Corporation of Namibia (Namcor) interim managing director Ebson Uanguta noted that Namcor\u2019s sharehold ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/namcor-shareholding-not-limited-to-10-uanguta\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Namcor shareholding not limited to 10% - 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