WINDHOEK, March 14 (Xinhua) -- Namibian President Nangolo Mbumba said on Thursday that the country is gearing up for a potential economic windfall as it is expected to announce firmer estimates of recoverable oil reserves this year following a surge in exploration activities in 2023, particularly in the oil-rich Walvis and Orange basins.
Speaking during the State of the Nation Address, Mbumba highlighted the significance of this development, expressing hope that the development of oil, gas and green hydrogen will bring the country economic growth, employment and prosperity.
"We are prepared for this opportunity through a robust local content regime, a ready sovereign wealth fund, and various other measures to maximize the impact and benefits of oil," Mbumba told lawmakers in the national capital of Windhoek.
The anticipated announcement of firmer estimates comes amid ongoing efforts to capitalize on Namibia's natural resources. With international oil companies stepping up their exploration efforts, Namibia's potential as an oil-producing country is becoming increasingly promising.
Namibia is also exploring the feasibility of using locally produced green hydrogen to manufacture goods such as ammonia, fertilizer, hydrogen, iron, and cement in a cleaner manner, "giving us a potential competitive advantage to capture new markets," Mbumba said.
This year, Namibia anticipates the initial outputs of pilot projects for green hydrogen, green ammonia and green iron production, as the green ammonia market is projected to achieve a 70 percent growth by 2030.
