WINDHOEK, Aug. 1 (Xinhua) -- Namibia's private sector launched the Wells to Wheels initiative on Thursday to ensure that recent oil discoveries benefit the country by educating communities, fostering stakeholder cooperation, and driving long-term positive social and economic outcomes.
Speaking at the launch ceremony, Minister of Mines and Energy Tom Alweendo said the initiative seeks to bridge the gap between these discoveries and their commercial viability by providing a platform for stakeholders to engage and share information.
"While these oil finds are encouraging, they are not yet commercially viable," he said. "As a government, we are determined to develop this nascent sector to build a resilient, sustainable, and diversified economy."
Alweendo said the Namibian government has also taken steps to ensure that the benefits of the oil discoveries are widely shared among its citizens, including establishing a Sovereign Wealth Fund designed to manage revenue generated from oil production.
The fund aims to provide a steady income stream to finance social and economic projects, including health, education, and job creation.
"We are cognizant that expected economic potential should have a long-term income stream for Namibia. This will help us to finance social and economic improvements for Namibians, health, and education, along with an impact expected to be made on our unemployment figures," he said.
According to Alweendo, Wells to Wheels supports the government's vision of a diversified and sustainable economy.
The initiative also includes creative industries such as industrial theater, music, and street activations to reach a broader audience.
"The story of Namibian oil and gas is at the beginning, and therefore, it is important that everyone gets included in how this resource will be developed, for our immediate benefit but also towards our long-term future," he said. ■
