insert_link Business / Economics 4 July Morning Biz News: Global Markets Surge Amid Economic Optimism and Strategic Oil Sector Moves 1. Botswana and Namibia Explore Fuel Storage Collaboration In a move aimed at enhancing regional fuel logistics, Botswana President Mokgweetsi Masisi has announced that the Botswana Oil Company is in talks with the Namibia National Petroleum Corporation (NNPC) to establish shared fuel storage facilities at Walvis Bay. This collaboration seeks to optimize fuel transportation and streamline oil sourcing from Angola, potentially bolstering efficiency across the supply chain. 2. South African […] todayJuly 4, 2024 14
insert_link Namibia Government’s N$1.2 Billion Lifeline Channels Directly to Namcor’s Creditors and Suppliers The government's infusion of N$1.2 billion to stabilize the National Petroleum Corporation of Namibia has taken an unconventional route, bypassing direct cash injection to settle Namcor's debts. Instead, the bailout funds were disbursed directly to Namcor's suppliers and creditors last month, as confirmed by Namcor spokesperson Utaara Hoveka. This strategic move alleviates Namcor's financial burden, providing a crucial lifeline to prevent potential liquidation. The bailout, facilitated by a sovereign guarantee, […] todayMay 15, 2024 14
insert_link Business / Economics Namcor signs deal with Chevron for offshore exploration The National Petroleum Corporation of Namibia has signed a Farm-Out Agreement with Chevron Namibia Exploration Limited, a subsidiary of Chevron Global Energy Inc. This agreement will see CNEL acquire an 80 percent operating working interest in Petroleum Exploration License 82, that is located in the Walvis Basin, offshore Namibia. Here is NamCor Manager Of Marketing, Communications, and Public Relations, Paulo Coelho. todayApril 29, 2024 38
insert_link Local Mopane exploration campaign that has yielded promising results The National Petroleum Corporation of Namibia: NAMCOR (10%) and its partners Galp Energia (80%) and Custos Energy (10%) are pleased to announce the successful completion of the first phase of the Mopane exploration campaign marking a significant milestone in Namibia’s oil and gas sector. The Mopane-1X Well Testing operations revealed substantial oil columns containing light oil in high-quality reservoir sands at two different levels: AVO-1 and AVO-2. This […] todayApril 22, 2024 5
insert_link Namibia National Petroleum Corporation Alerts Public to Email Scam The National Petroleum Corporation of Namibia has issued a warning about a scam involving fraudulent emails purportedly from NamCor. Scammers are using email addresses ending in "namcor-na.com" to trick individuals into paying for Request for Quotation documents. Paulo Coelho, NamCor's Manager of Marketing, Communications, and Public Relations, elaborates on the deceptive scheme. todayApril 10, 2024 34
insert_link 2 Namibia Scandal Hits National Petroleum Corporation The National Petroleum Corporation is reeling from a scandal involving the alleged theft of N$1 million worth of fuel, with four arrests made, including Immanuel Mulunga's nephew. Denzel Mulunga, Simeon Shilongo, Jason Malima, and Graham Platt (46) face charges ranging from theft to money laundering and conspiracy. Notably, Jason Malima is related to Victor Malima, CEO of Enercon, a military contractor in legal dispute with Namcor over a N$60 million […] todayMarch 15, 2024 21 2
insert_link 2 Namibia Potential Fuel Theft Valued at Over N$1 Million Discovered at Namibian National Oil Storage Facility The National Petroleum Corporation of Namibia has identified a potential fuel theft amounting to over N$1 million at the National Oil Storage Facility in Walvis Bay. Loading documents indicate the dispatch of diesel ADO 50 ppm last December and January this year, yet there's no evidence of the product reaching the intended customer site. NamCor's Manager of Marketing, Communications, and Public Relations, Paulo Coelho. todayFebruary 15, 2024 35 2
insert_link Namibia Government Extends N$1.3 Billion Lifeline to Namcor in Financial Rescue Deal The government has approved a financial rescue plan by allocating N$1.3 billion to assist the financially strained National Petroleum Corporation of Namibia as a short-term solution. Namcor, the national oil parastatal, reported a loss of N$700 million in the previous fiscal year. Despite the Cabinet initially rejecting a bailout proposal in October, Minister of Finance and Public Enterprises Iipumbu Shiimi, in a letter dated November 29, 2023, addressed to Namcor […] todayJanuary 18, 2024 9
insert_link Local Namcor announces significant oil discovery in block 2813a (pel83), orange basin, offshore Namibia The National Petroleum Corporation of Namibia; NAMCOR with 10% carried interest, in conjunction with its partners Galp Energia (80%, operator) and Custos (10%), is excited to announce a significant oil discovery in the Mopane-1X exploration well, situated in the PEL83, Orange Basin, offshore Namibia. Following the initial announcement on January 2, 2024, PEL 83 JV partners have now confirmed the discovery of a substantial column of light oil in high-quality, […] todayJanuary 10, 2024 6
Paying it forward: Kenyan coastal doctor Bashrahil Mohammed Mafudh has made it his life’s work to care for the most vulnerable in his community, at no cost.
