The party revealed that Windhoek will increase the state stake in oil licenses from around 10% currently to 30% by April 2026, a new petroleum regulatory authority will be created next month, new local-content policies and regulations will be delivered by September, and the cabinet will approve a gas master plan by November. Legislation covering both gas and local content is due to be passed by next March.
A hike in the state's interest in upstream assets had been expected, but the fact that the Swapo announcement did not specify whether this would only be applied to future contracts has raised concern. “You can't change existing contracts. I'd be very, very surprised if they change that retroactively, ”notes one executive. Namibia has a good track record in striking the right balance between supporting "the oil and gas industry on one hand and promoting local content on the other," said another source. There is hope that direct presidential control of oil and gas matters could speed up decision-making, much as it has in Nigeria. The working assumption for now is that Petroleum Commissioner Maggy Shino will head the new regulatory body and be the point person at the presidency for oil and gas.
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