Namibia’s Oil Company Aims to Increase Future Stakes in Projects
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The National Petroleum Corp. of Namibia aims to triple its stake in future oil and gas projects to 30% as the southern African nation is set for a surge in activity following multiple offshore discoveries.
Namcor is “committed to actively participating in future oil and gas projects and generally aims to secure a minimum stake ranging between 20% and 30%” or higher if it supports the company’s objectives, it said in a reply to questions. Up until now, the state oil company has typically held a 10% share in blocks.