President Netumbo Nandi-Ndaitwah has said that the oil and gas sector demands proper monitoring, effective governance, and careful stewardship.
She made the remarks in a speech read on her behalf at the opening of the Namibia Oil and Gas Conference in Windhoek.
After her swearing-in as President, Dr. Nandi-Ndaitwah made the announcement that the upstream petroleum portfolio will be placed under the direct supervision of the Office of the President through the establishment of the Upstream Petroleum Unit.
This, she said, was to ensure that the resources would benefit all Namibians, contribute meaningfully to national development, and ensure shared prosperity and accountability.
"The world-class discoveries made in recent years have placed our nation in the spotlight as an energy leader in the frontier, but I want to be clear: the true measures of our success will not be in the number of barrels extracted but in the number of lives uplifted."
She noted that national resources must be harnessed in ways that create jobs, skills and strengthen local ownership.
"We welcome industry players who come to Namibia with sincerity, transparency and a long-term partnership mindset, but let me also caution that our government will always closely monitor all activities in the sector to ensure that international oil companies and their contractors adhere strictly to our laws and regulations and, most importantly, our local content policy."
Industries, Mines and Energy Minister Natangue Ithete said the oil and gas industry has the potential to boost government coffers by up to N$7.7 billion per year.
"Our government's pledge is clear: every barrel, every cubic foot, must translate into jobs, infrastructure, and opportunities for Namibians. The revenues will not be squandered; they will build schools, power our homes, and seed our renewable energy future."
He added that Namibia will not allow itself to become a victim of oil and gas tensions that destroy economies.
"Let our future generations sing songs of praise to all of us here today for putting in place legal frameworks and operational tools that will ensure there is no mismanagement of these precious resources."
This year, the Namibia Oil and Gas Conference attracted over one thousand delegates from across the world.