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Africa Matters: Namibia's Oil Potential
Portuguese oil company Galp Energia says it has discovered billions of barrels of oil in Namibia's Mopane field. It joins TotalEnergies and Shell, who have all struck black gold in the last two years. This could signal massive economic potential but what will it mean for the nearly three million Namibians?
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This could signal massive economic potential but what will it mean for the nearly three million Namibians?
Galp, a Portuguese company, controls 80% of Namibia oil fields.
Namibia state owned oil companies only own 10% Namibia oil fields.
The other 10% of Namibia oil fields is shared between other Namibian state owned oil companies and other foreign multinational oil companies.
Galp, a Portuguese company, controls 80% of Namibia oil fields.
Namibia state owned oil companies only own 10% to 20% of Namibia oil fields.
Meaning $8 out of $10 dollars will go to Galp, a Portuguese oil company.
And only $2 dollars will be shared among Namibia state oil companies and other foreign oil companies in Namibia.