p to N$ 300 million for exploratory work and N$ 1.5 billion for a single well.

Tujoromajo Kasuto Obeth Mbuipaha Kandjoze, Director General of the National Planning Commission,says that undertaking exploration to extract oil is not cheap, and the equipment required is expensive, and mostly only people with great wealth are able to invest in it as there is initially no guaranteed discovery and revenue. He explains that large sums of money are required to have a chance of making a discovery. "Up to N$ 300 million for exploratory work and N$ 1.5 billion for a single well. Once the discovery has been confirmed, three to four additional wells are required to determine whether or not…