By: Justicia Shipena

 

Oil exploration will not contribute to Namibia’s economic growth this year, according to the Bank of Namibia (BoN).

Central Governor Johannes !Gawaxab emphasised the uncertainty surrounding oil exploration, stating that while significant investments are being made, the associated risks remain high.

“We have not accounted for oil exploration to contribute to growth in 2025. It’s early days. Until we have a final investment decision, an oil field developed, and production underway, it would be premature to include it in our projections,” said !Gawaxab.

He noted that while exploration efforts continue in the Orange Basin, commercial viability is not guaranteed.

“Once you explore, there’s no certainty of commercial viability. More work needs to be done to reach that stage,” he added.

continue reading