The leader of the official opposition and Popular Democratic Movement (PDM) McHenry Venaani is fuming about what he describes as reprehensible and alleged ill-advised utterances by the Managing Director of Namcor Immanuel Mulunga, in a letter addressed to the Ministry of Mines and Energy, dated 23rd of August 2022.
Mulungu said that Venaani lacks understanding of the oil industry following his claims that the oil exploration licences the ministry entered into with petroleum companies are not favouring Namibia and therefore should be renegotiated.
Venaani in his response said Mulunga’s remarks are only ‘’embarrassing but regrettable’’ and an indication that corporate executives are more concerned about their interests and disregard society interests.
The leader of the official opposition accused the petroleum executive of conveniently overlooking the call for the renegotiation of the exploration agreements.
Venaani said that the current instability in oil prices places Namibia in a better bargaining position to renegotiate for a better shareholding, instead of the current 10 percent.
The opposition leader further added that Namcor’s ten percent shareholding is a free carry over by ReconAfrica until first production, according to the joint operations agreement signed in June 2021.
Hence, he said, the ten percent negotiated on behalf of the Namibian government, by the Ministry of Mines and Energy represents a drop in the ocean.
Venaani pointed out that the current status of the oil market presents an opportune time for the government to re-negotiate the low equity stake that the country has managed to secure for itself, while still maintaining a minimal risk exposure.
The leader of the official opposition therefore urged both Mulunga and Minister Tom Alweendo to ensure that history vindicates them by not allowing current and future generations to blame them for lack of foresight.