NAMIBIAN OIL DISCOVERY AMONG WORLD’S BIGGEST!

Namibia should be joining the ballers club following the discovery of one of the world’s largest oilfields. Containing at least 10-billion barrels, the Mopane complex, off the coast, holds a promise of riches for years to come…or does it?

Portugal company Galp made the discovery and currently has an 80 per cent stake in the venture, with the remainder going to Namibian firms.
It sounds like a repeat of what we’ve seen too often on the continent.
In places like Guyana, it is companies like Exxon that make a killing, taking home a vast sum of revenues, leaving the country with peanuts and holding the bag in case of events like environmental pollution.

However, Galp has said it might sell half its interest but would the Namibian government step in to buy it? It could give the country a unique chance to take control of its resources and use oil money to address vast wealth inequality. Windhoek can grasp a unique opportunity, or will it choose a depressingly familiar path?