Namibia Makes Third Oil Discovery But Can It Avoid The Oil Curse? Namibia
The National Petroleum Corporation of Namibia has announced a third oil discovery in the Orange Basin off Namibia's southern coast. Two major oil discoveries were made during the first quarter of 2022 offshore Namibia. These discoveries happened under Shell, Qatar Energy, and Namcor who are in a joint venture; Shell Namibia B.V , QatarEnergy , and Namcor .
However, experts are worried that if the government does not take necessary steps to curb corruption the country will not profit from the discovered oil. Namibia needs to build competent and accountable institutions to manage oil revenue and minimize the risk of corruption by closing all legislative loopholes to avoid an oil curse, according to Rosita Ndumbu, a research associate at the Institute for Public Policy Research.
Ndumbu said just because Namibia discovered oil does not mean that all the country's problems will be solved. She highlighted Angola and Nigeria as case studies that are currently battling socio-economic challenges despite being some of the biggest oil-producing nations. She recommended that government look at the current legislation and join international anti-corruption bodies to promote transparency initiatives.
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