NAMCOR's agenda of becoming a fully commercial entity has taken on a serious change of direction from its traditional promotional and regulatory role it has performed in the past. During the reorganisation of 2006 the company has elected to lay the cornerstones of commerciality in both its core businesses, i.e. upstream and downstream.
In order to realise its Upstream agenda the company has created a new department called New Ventures. The key purpose of the New Ventures department is to generate new international and domestic investment opportunities for hydrocarbon exploration and production both locally and internationally. As part of the key responsibilities of the New Ventures Department will be to package prospects information for marketing purposes in order to attract potential farminees or investors. It is also a key task of the department to scout for international farmout opportunities as well as actively create relationships with other oil and gas companies in the region as well as internationally.
In taking its first steps towards becoming a reckoned oil and gas institution, NAMCOR has already applied for its first full exploration license in Namibia . Negotiations on the license will soon commence. The target is deepwater prospect in the Walvis Basin and is known as the Ondjou (Elephant Prospect).
On a more general business practice over the last few years NAMCOR elected to take up equity in several of the licenses issued to international and local companies operating in Namibia . For instance the company has now got 10% working interest in the Kudu Gas Field and several 10% carried interests in license held by Hunt Oil Company, BHP Billiton, Circle Oil Namibia , SinteznefteGaz Namibia and INA Industrija.
On the regional front NAMCOR has ventured into crafting an important Memorandum of Understanding with its counterpart national oil companies of South Africa and Mozambique. PetroSA, ENH and NAMCOR signed this agreement in November of 2006 with the main focus being to harness resources in order to facilitate oil and gas business opportunities in the sub-region to the benefit of the three parties. This is essentially an agreement whereby the three parties will jointly apply for acreage in their respective countries for purposes of joint exploration and production.
Following the signing of the MOU, PetroSA, NAMCOR and ENH have taken the first steps towards realising the objective as outlined in the MOU by agreeing in principle to start the process of applying for licenses in Mozambique and Namibia .
The doors to regional and international venturing and business development for NAMCOR have now been opened and the company has firmly set its sights on becoming a serious competitor to be reckoned with in this sector.
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