NAMCOR Executive for Upstream Development and Production, Mtundeni Ndafyaalako, says the estimated US$18 billion expected to be invested in the development and operation of the Venus oil field is already creating opportunities for Namibians, even before the country produces its first barrel of oil.
Speaking at the 3rd Youth in Oil & Gas Summit in Walvis Bay, where NAMCOR was the official National Oil Company partner, Ndafyaalako said the focus should now shift from celebrating discoveries to preparing Namibians to participate in the country’s emerging petroleum industry.
“Opportunity will not wait for first oil. Opportunity is being created right now, in the readiness phase,” he said.
Ndafyaalako said Namibia’s oil and gas sector was entering a new phase as the proposed Venus development moved closer to a final investment decision (FID).
He said the project is expected to generate about US$11 billion in development investment, with a further US$7 billion projected to be spent on operations over the life of the project.
According to Ndafyaalako, more than US$2 billion has already been spent within Namibia, with expenditure spread across the Erongo, Khomas and Kharas regions, demonstrating that economic benefits are already flowing into the local economy during the pre-development stage.
He said the project is expected to create around 5,000 jobs during construction and a further 7,000 jobs during the development phase, while efforts are under way to increase Namibian participation in the workforce.
Ndafyaalako said direct employment on the project is expected to become increasingly localised, with the proportion of Namibians targeted to rise from 50% to 90% as the industry develops.
To support that objective, he said the Venus Academy, scheduled to be commissioned in the first quarter of 2029, will train and certify Namibians to internationally recognised industry standards, equipping them for employment across the petroleum value chain.
He stressed that local content should not be viewed as preferential treatment but as something earned through skills and performance.
“Local content is not a gift and it is not a quota. It is built on competence, compliance and commitment,” he said.
Addressing young Namibians, Ndafyaalako urged them to prepare themselves for the opportunities emerging from the country’s offshore petroleum discoveries.
“To the youth of Namibia, this resource endowment belongs to your generation. Come prepared,” he said.
His remarks come as Namibia moves closer to the development of the giant Venus discovery in the Orange Basin, with the industry increasingly turning its attention from exploration towards project execution, workforce development and building local capacity ahead of first oil.
