By:Justicia Shipena
A Memorandum of Understanding (MoU) has been signed between Namibia and Angola to jointly explore investment opportunities within the oil and gas sector.
The signing between the Namibian Association for Offshore Oil and Gas Service Providers (NAOGSP) and the Angolan Oil and Gas Service Companies Association (AECIPA) was done at the recently ended Oil and Gas Conference in Windhoek.
The agreed agreement establishes a cooperative institutional structure that would further see the two entities promote bilateral collaboration.
NAOGSP is a newly formed industry association that represents Namibian offshore oil and gas service providers, with the mission to foster collaboration, facilitate knowledge exchange, and promote business development among its members, thereby optimising its contribution to the country’s offshore oil and gas sector.
The MoU brings together service businesses from Angola and Namibia, underlining their commitment to building strong and profitable connections in the oil and gas sector.
The MoU also seeks to strengthen economic and commercial cooperation, with AECIPA and NAOGSP collaborating to promote and facilitate economic and commercial partnership among their respective members.
“This includes exploring joint investment opportunities, fostering business partnerships, and encouraging knowledge exchange,” stated a joint press statement dated 16 August 2023.
The agreement stipulates that both parties would develop channels for exchanging important industry-related information, such as best practices, technological breakthroughs, and regulatory updates, when it comes to sharing industry-related information.
AECIPA and NAOGSP want to improve their members’ capacities and competences through exchanging knowledge.
“Through this MOU, the parties will collaborate on research initiatives, share research findings, and explore joint research projects to address common challenges and identify innovative solutions.”
AECIPA and NAOGSP will actively share market trends, such as supply and demand dynamics, price patterns, and new prospects in the oil and gas sector.
According to the two parties, sharing information would help their members make more educated business decisions and capitalise on prospective development areas.
Furthermore, both AECIPA and NAOGSP will verify that its members follow Angola and Namibia’s respective regulatory systems by fostering openness, adhering to environmental standards, and adhering to local laws and regulations.
During the signing ceremony, AECIPA chairperson Braulio de Brito expressed his excitement about the partnership and pledged the association’s everlasting commitment to assisting Namibia in the growth of its oil and gas industry.
Meanwhile, NAOGSP founder Knowledge Ipinge stressed the importance of this collaboration, noting that NAOGSP is eager to work with AECIPA to develop a mutually beneficial relationship.
“By synchronising our efforts, we can reveal opportunities and tackle shared challenges in oil and gas services,” Ipinge stated.
The organisations expressed confidence that the MoU will stimulate more collaboration in the oil and gas sector, to the benefit of their respective members.
“It is expected to contribute significantly to the overall growth, development and mutual benefits of the industry.”