In June 1999 the Namibian Cabinet approved the adoption of an open petroleum licensing system in Namibia . Namibia accepts bids both onshore and offshore at any time.
The fiscal and legal requirements for bids are:
- Royalty is set at 5% for new entrants
- Petroleum Income Tax 35%
- 1st Level APT at 25%
- 2nd and 3rd tiers negotiable
Bids must be submitted to the Permanent Secretary, Ministry of Mines and Energy.
All bids must include:
- a N$ 30,000.00 application fee
- the proposed work program
- levels of the 2nd and 3rd tier APT
- petroleum training fund contribution
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