The high cost of land in Windhoek is pushing up construction costs of houses in the capital, a recent report by First Capital (FC) has revealed.

Public Enterprises minister Leon Jooste has met with Telecom Namibia’s CEO and board over on-going network disruptions currently faced by the government owned telco.

Economic advisory firm Simonis Storm (SS) has warned that the shortage of global chip (semiconducter) will impact Namibia’s vehicle sales growth.

The City of Windhoek approved 2,682 building plans in 2021, a 6.3% increase compared to 2,524 in 2020, while a total of 1,729 projects were completed, a marginal 0.5% increase compared to 1,720 in 2020.

Public Enterprises minister, Leon Jooste says his Ministry has not sanctioned the disposal of National Petroleum Company of Namibia (NAMCOR)’s 5% carried participating interest in Reconnaissance Energy Africa Ltd. (ReconAfrica) exploration activities in the Kavango Basin.

The National Petroleum Company of Namibia (NAMCOR) has agreed to sell half of its stake in the petroleum exploration licence (PEL 73) in the Kavango Basin to Reconnaissance Energy Africa (ReconAfrica) for a total consideration of N$414 million.

Rate this item
(0 votes)

Capricorn Group Limited is projecting improved profits for the half year ending December 31, 2021.

Rate this item
(0 votes)

FNB Namibia is warning customers against an eWallet scam, where fraudsters access and manage customers’ eWallet accounts on the FNB App.

Rate this item
(0 votes)

The Bank of Namibia (BoN) is expected to announce its monetary policy on 16 February 2022 and economists & analysts are predicting that the central bank will increase the repo just like how the South African Reserve Bank (SARB) did.

Namibia’s decision to set up an oil refinery in the country will depend on the quality and quantity of the discovered fossil fuel, The Brief has learnt.

Mines and Energy minister Tom Alweendo told The Brief on Tuesday that the Government is still waiting for conclusive oil-drilling results to map the way forward for the lucrative petroleum sector.

“Yes, we confirm the discovery as announced by the entities involved. The announcement was made only after data confirmed the discovery. The commercial nature, i.e. the quantity and quality, will be determined by the results of the second well that will be drilled during this month. The decision to invest in a refinery will depend on the quantity and quality of the discovery,” he said.

This was after the Mines and Energy ministry had earlier officially confirmed the discovery of light oil within the Orange basin, offshore Namibia, with the commercial value of the discovery still to be ascertained through further drilling due to commence this month.

The National Petroleum Corporation of Namibia (NAMCOR) and its partners, Shell Namibia Upstream B.V and Qatar Energy’s Graff-1 well is said to have proved a working petroleum system for light oil in the Orange Basin, 270 km from the town of Oranjemund, where drilling operations commenced in early December 2021 and were safely completed in early February 2022.

“The discovery has boosted Namibia’s attractiveness to future exploration and we expect higher exploration activities. This gives us a clear shot of reimagining our economy,” Alweendo said.

Namibia has sought to develop oil and gas fields for decades with no success and the potential oil find could prove to be a game changer for the country.

The country’s offshore prospects have in recent years attracted many foreign companies including Exxon Mobil and TotalEnergies following discoveries in Brazil and Guyana which share geological similarities.

TotalEnergies started drilling in December the Venus-1 exploration well in the nearby Block 56 at a depth of 3,000 metres.

Shell holds a 45% stake in the offshore Petroleum Exploration License 39 (PEL 39) with a 45% interest held by Qatar Petroleum and a 10% held by the National Petroleum Corporation of Namibia (NAMCOR).

Joomla! Debug Console

Session

Profile Information

Memory Usage

Database Queries