The National Petroleum Corporation of Namibia (Namcor) says it is satisfied with recent drilling activities completed in the Venus well, adding that recent appraisal efforts proved.
The management and financial issues currently facing the National Petroleum Corporation (Namcor) pose a significant risk to Namibia’s new-found oil resources, economist Robin Sherbourne says.
The National Petroleum Corporation (Namcor) says while it has engaged the government about the financial situation facing the company, it has not yet made a formal submission for a bailout.
The Cabinet turned down a proposal to bail out the National Petroleum Corporation (Namcor), which is in debt of over N$2 billion and faces potential liquidation.