1 00:00:02,440 --> 00:00:06,760 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. 2 00:00:08,760 --> 00:00:13,280 Speaker 2: It could be Africa's next big oil rush. Discoveries off 3 00:00:13,320 --> 00:00:16,040 Speaker 2: the shores of Namibia could propel it to be one 4 00:00:16,079 --> 00:00:18,200 Speaker 2: of the world's major producers. 5 00:00:18,560 --> 00:00:22,360 Speaker 3: If you multiply that by today's oil price, it's roughly 6 00:00:22,440 --> 00:00:25,560 Speaker 3: a trillion dollars. There's another discovery that was made that 7 00:00:25,640 --> 00:00:27,040 Speaker 3: could be ten billion barrels. 8 00:00:27,240 --> 00:00:31,000 Speaker 2: Global energy titans are desperate to capitalize on the discoveries, 9 00:00:31,080 --> 00:00:35,680 Speaker 2: with French multinational Total Energies hoping to start development on 10 00:00:35,840 --> 00:00:38,960 Speaker 2: the Venus oil field as early as this year, and 11 00:00:39,000 --> 00:00:40,639 Speaker 2: they aren't the only ones excited. 12 00:00:40,800 --> 00:00:43,519 Speaker 4: We've read it one well in Namibia so well, you know, 13 00:00:43,560 --> 00:00:45,599 Speaker 4: in our industry, we know that we need to appraise 14 00:00:45,680 --> 00:00:46,680 Speaker 4: and to continue. 15 00:00:46,960 --> 00:00:49,720 Speaker 5: It seems that the discovery might be giant. 16 00:00:50,000 --> 00:00:53,600 Speaker 6: Well, certainly a basin that has seen some early exploration 17 00:00:53,960 --> 00:00:57,600 Speaker 6: success by others. We've got one large block off Namibia 18 00:00:57,680 --> 00:01:00,600 Speaker 6: that we expect to put on an exploration down in 19 00:01:00,760 --> 00:01:02,400 Speaker 6: late this year or early next year. 20 00:01:02,520 --> 00:01:04,839 Speaker 5: To give you a sense of our belief in Namibia, 21 00:01:05,520 --> 00:01:09,080 Speaker 5: roughly a quarter of our deep water expiration spend in 22 00:01:09,120 --> 00:01:12,720 Speaker 5: twenty twenty three and twenty twenty four will be directed 23 00:01:12,720 --> 00:01:16,120 Speaker 5: to Namibia. So it is a theater that we fundamentally 24 00:01:16,120 --> 00:01:16,840 Speaker 5: believe in. 25 00:01:17,280 --> 00:01:20,360 Speaker 2: But as the world starts to wean itself off of oil, 26 00:01:21,160 --> 00:01:24,440 Speaker 2: is there actually time for Namibians to benefit from the discovery? 27 00:01:24,959 --> 00:01:28,160 Speaker 2: And could the rush fade away just as quickly as 28 00:01:28,200 --> 00:01:28,880 Speaker 2: it arrived. 29 00:01:30,959 --> 00:01:32,880 Speaker 1: I'm Jennifer's Abasaja. 30 00:01:32,480 --> 00:01:35,640 Speaker 2: And this is the Next Africa Podcast, bringing you one 31 00:01:35,680 --> 00:01:38,560 Speaker 2: story each week from the continent driving the future of 32 00:01:38,600 --> 00:01:45,440 Speaker 2: global growth, but the context only Bloomberg can provide. Bloomberg's 33 00:01:45,520 --> 00:01:49,240 Speaker 2: Paul Burkhardt has been watching the developments closely. His story 34 00:01:49,400 --> 00:01:52,559 Speaker 2: is out now and he's joining us to talk through it. Hey, Paul, 35 00:01:52,680 --> 00:01:55,520 Speaker 2: thanks so much for joining us. So let's just dig 36 00:01:55,560 --> 00:01:58,160 Speaker 2: through this story because you've been taking a look at 37 00:01:58,160 --> 00:02:01,240 Speaker 2: this in particular in Namibia. Yeah, and really what the 38 00:02:01,280 --> 00:02:05,960 Speaker 2: implications are for the country. How big of a deal 39 00:02:06,080 --> 00:02:09,480 Speaker 2: could this be for the country if there were to 40 00:02:09,560 --> 00:02:12,720 Speaker 2: be a massive discovery. As you sort of allude to 41 00:02:13,000 --> 00:02:14,080 Speaker 2: in your story. 42 00:02:15,040 --> 00:02:17,360 Speaker 3: There's been a search for oil offshore in the MAYBEA 43 00:02:17,440 --> 00:02:19,720 Speaker 3: for a long time. I was there, I think about 44 00:02:19,800 --> 00:02:23,119 Speaker 3: ten years ago when I first moved to the continent, 45 00:02:23,280 --> 00:02:26,200 Speaker 3: and there were a number of explorers that were out there, 46 00:02:26,200 --> 00:02:30,680 Speaker 3: but Finally, in twenty twenty two, Shell and Hotel both 47 00:02:30,760 --> 00:02:35,440 Speaker 3: made discoveries there and they've seen rough estimates holding as 48 00:02:35,520 --> 00:02:39,600 Speaker 3: much as eleven billion barrels. So the fuzzy math is 49 00:02:39,720 --> 00:02:43,560 Speaker 3: if you multiply that by today's oil price, it's roughly 50 00:02:43,639 --> 00:02:46,760 Speaker 3: a trillion dollars. There's another discovery that was made that 51 00:02:46,840 --> 00:02:50,239 Speaker 3: could be ten billion barrels. So again you kind of 52 00:02:50,280 --> 00:02:52,919 Speaker 3: have to note that none of this has been deemed 53 00:02:52,919 --> 00:02:55,200 Speaker 3: commercial yet. The oil might be there, but you have 54 00:02:55,280 --> 00:02:57,960 Speaker 3: to figure out how to get it out. To put 55 00:02:58,000 --> 00:03:03,359 Speaker 3: it into context, Nigeria, that's been Africa's biggest producer, has 56 00:03:03,440 --> 00:03:07,360 Speaker 3: proven reserves of about thirty seven billion barrels. Just to 57 00:03:07,360 --> 00:03:10,000 Speaker 3: get to the numbers that we're talking about right now 58 00:03:10,120 --> 00:03:13,280 Speaker 3: really gives you a sense of scale. Opek is even 59 00:03:13,320 --> 00:03:18,919 Speaker 3: courting the government and could double triple GDP, so it's enormous. 60 00:03:18,919 --> 00:03:20,320 Speaker 4: It could really change things there. 61 00:03:20,639 --> 00:03:24,480 Speaker 2: And so we've heard Totel discuss the fact that they 62 00:03:24,680 --> 00:03:27,080 Speaker 2: plan to start work on this as early as the 63 00:03:27,240 --> 00:03:30,919 Speaker 2: end of twenty twenty four. How quickly are are they 64 00:03:30,960 --> 00:03:34,240 Speaker 2: moving on this, because I imagine there's quite a process 65 00:03:34,280 --> 00:03:37,640 Speaker 2: to actually get things going and actually see the benefits 66 00:03:37,640 --> 00:03:37,920 Speaker 2: of this. 67 00:03:38,720 --> 00:03:41,360 Speaker 4: Yeah, there's Shell also has things planned. 68 00:03:41,400 --> 00:03:44,480 Speaker 3: Totel seems to be a little ahead in the schedule, 69 00:03:44,960 --> 00:03:48,360 Speaker 3: and overall there's really like kind of a gold rush 70 00:03:48,440 --> 00:03:52,880 Speaker 3: that's going on. The Portuguese explorer GALP they made the 71 00:03:52,920 --> 00:03:57,760 Speaker 3: other discovery, Chevron's bought into some of the blocks, and 72 00:03:57,840 --> 00:03:59,960 Speaker 3: the other big oil companies that don't have a football 73 00:04:00,160 --> 00:04:02,760 Speaker 3: yet they're going to be looking to buy into these 74 00:04:02,880 --> 00:04:07,920 Speaker 3: areas offshore. So we've reported sources saying Exxon has interest 75 00:04:08,000 --> 00:04:11,240 Speaker 3: in the Gallop discovery. Just about every big oil company 76 00:04:11,680 --> 00:04:14,400 Speaker 3: is looking in the Orange Basin where they've struck oil. 77 00:04:14,800 --> 00:04:16,080 Speaker 4: Things are moving quite quickly. 78 00:04:16,160 --> 00:04:19,000 Speaker 2: How is it actually working on the ground, Paul, from 79 00:04:19,000 --> 00:04:21,279 Speaker 2: your understanding, especially when you think about all the players 80 00:04:21,279 --> 00:04:23,360 Speaker 2: that are now rushing in. 81 00:04:23,880 --> 00:04:26,719 Speaker 3: Well, you know, the oil companies are racing against the 82 00:04:26,960 --> 00:04:29,239 Speaker 3: energy transition really, which would. 83 00:04:29,120 --> 00:04:30,679 Speaker 4: Bring on lower demand for oil. 84 00:04:30,760 --> 00:04:34,080 Speaker 3: So as you're using cleaner sources of energy, you're using 85 00:04:34,160 --> 00:04:37,880 Speaker 3: less oil that will start to dent this like one 86 00:04:37,960 --> 00:04:42,120 Speaker 3: hundred million barrels a day that's consumed now, that'll start 87 00:04:42,160 --> 00:04:44,159 Speaker 3: to go down. The value of crude will start to 88 00:04:44,200 --> 00:04:47,200 Speaker 3: go down. These the oil companies aren't denial about that, 89 00:04:47,440 --> 00:04:51,599 Speaker 3: but they want to develop these big discoveries, like really 90 00:04:51,680 --> 00:04:55,359 Speaker 3: quickly before that really drops off. The pace we're seeing 91 00:04:55,400 --> 00:04:58,520 Speaker 3: is unprecedented a lot of ways. So when I was 92 00:04:58,560 --> 00:05:02,000 Speaker 3: in Wallas Bay last which is just on the coast, 93 00:05:02,400 --> 00:05:06,360 Speaker 3: I could see oil equipment on the pier, people workers 94 00:05:06,400 --> 00:05:09,640 Speaker 3: with coveralls that are marked with like schlumber Jay, one 95 00:05:09,680 --> 00:05:12,960 Speaker 3: of the oil service companies. See those in town, and 96 00:05:13,000 --> 00:05:17,239 Speaker 3: so it's happening. You hear officials talking about people wanting, 97 00:05:17,279 --> 00:05:22,360 Speaker 3: companies wanting land, and there's really activity brewing. It's really 98 00:05:22,400 --> 00:05:23,839 Speaker 3: poised to start. 99 00:05:23,960 --> 00:05:26,360 Speaker 2: And you mentioned officials there, Paul, I mean you've been 100 00:05:26,360 --> 00:05:29,440 Speaker 2: speaking to officials on the ground there. What are they saying. 101 00:05:29,480 --> 00:05:31,640 Speaker 2: Is anyone optimistic potentially about this? 102 00:05:32,520 --> 00:05:36,520 Speaker 3: I think yeah, they're optimistic, but they're also kind of cautious. Again, 103 00:05:37,600 --> 00:05:41,039 Speaker 3: the oil industry being really specialized. 104 00:05:41,080 --> 00:05:42,400 Speaker 4: I think the governor of. 105 00:05:42,360 --> 00:05:47,200 Speaker 3: The area where the main harbor is said, we need 106 00:05:47,240 --> 00:05:49,680 Speaker 3: to build skills and we just we need to train 107 00:05:49,760 --> 00:05:53,240 Speaker 3: people up to be able to participate in this. The mayor, 108 00:05:53,600 --> 00:05:59,200 Speaker 3: Trevino Forbes of Walvis Bay has talked about companies requesting land, 109 00:05:59,440 --> 00:06:03,080 Speaker 3: things that I've never encountered much of in the past. 110 00:06:03,320 --> 00:06:05,480 Speaker 7: When as a local authority We have received a lot 111 00:06:05,480 --> 00:06:08,000 Speaker 7: of interest for people trying to acquire an end for 112 00:06:08,400 --> 00:06:11,520 Speaker 7: storage facilities, and there is something that you're also looking at. 113 00:06:11,520 --> 00:06:15,360 Speaker 7: But it's very difficult, you know, when you we can't 114 00:06:15,400 --> 00:06:17,200 Speaker 7: continue operating in the way we operate in. 115 00:06:17,279 --> 00:06:20,479 Speaker 3: I think there's still some skepticism about it, what will 116 00:06:20,520 --> 00:06:23,760 Speaker 3: happen because there was a gas discovery that was made 117 00:06:23,800 --> 00:06:26,520 Speaker 3: in the seventies some people in Namibia. I've spoken to 118 00:06:27,200 --> 00:06:30,640 Speaker 3: Namibians on my trips there who mentioned this and they said, oh, 119 00:06:30,680 --> 00:06:34,360 Speaker 3: nothing happened, So there's always going to be people will 120 00:06:34,360 --> 00:06:37,000 Speaker 3: believe it when they can see it. Another thing that 121 00:06:37,240 --> 00:06:41,520 Speaker 3: very close by that people have watched happen is Angola 122 00:06:41,600 --> 00:06:42,720 Speaker 3: is a neighbor of Namibia. 123 00:06:43,160 --> 00:06:44,960 Speaker 4: Everyone there has watched. 124 00:06:44,960 --> 00:06:47,880 Speaker 3: How you know, the oil did kind of very little 125 00:06:47,920 --> 00:06:51,440 Speaker 3: to boost livelihoods of most people on the ground, and 126 00:06:51,920 --> 00:06:56,040 Speaker 3: already even the state oil company, Namcore has had some. 127 00:06:55,960 --> 00:06:57,720 Speaker 4: Weirdness and arrests. 128 00:06:57,839 --> 00:07:03,440 Speaker 3: There was a suspended official there because potential corruption and 129 00:07:03,680 --> 00:07:06,719 Speaker 3: trying to clean that out. But there's still just the 130 00:07:06,839 --> 00:07:09,720 Speaker 3: warning signs and there's some apprehension about it too. 131 00:07:09,760 --> 00:07:13,040 Speaker 2: Of course, Paul, you're sticking with us and when we 132 00:07:13,120 --> 00:07:15,960 Speaker 2: come back, we're going to ask whether this is actually 133 00:07:16,000 --> 00:07:19,400 Speaker 2: a long term investment for Namibia, as you mentioned, potentially 134 00:07:19,400 --> 00:07:22,760 Speaker 2: a risky one, especially if we think about where the 135 00:07:22,760 --> 00:07:25,600 Speaker 2: world is right now starting to turn away from oil. 136 00:07:26,080 --> 00:07:31,160 Speaker 1: We'll be right back, all right, welcome back. 137 00:07:31,280 --> 00:07:34,720 Speaker 2: Paul is still with us here and we're talking through 138 00:07:35,120 --> 00:07:38,680 Speaker 2: Namibia's oil rush. But if you think about where the 139 00:07:38,720 --> 00:07:42,120 Speaker 2: world is at this time, some might wonder whether or 140 00:07:42,160 --> 00:07:44,720 Speaker 2: not this is the opportune time to actually go all 141 00:07:44,760 --> 00:07:48,160 Speaker 2: in on oil. We've seen governments across the world looking 142 00:07:48,200 --> 00:07:51,240 Speaker 2: to reduce demand for oil as they try to tackle 143 00:07:51,560 --> 00:07:52,560 Speaker 2: climate change or have. 144 00:07:52,560 --> 00:07:53,480 Speaker 1: Some impact in it. 145 00:07:53,840 --> 00:07:57,760 Speaker 2: So, Paul, you were mentioning this long term plan investment 146 00:07:57,960 --> 00:08:02,640 Speaker 2: for the country, is is it risky considering where we're 147 00:08:02,680 --> 00:08:04,280 Speaker 2: at right now in twenty twenty four. 148 00:08:04,680 --> 00:08:08,440 Speaker 3: Of course, anything any major projects is subject to delays. 149 00:08:08,720 --> 00:08:14,360 Speaker 3: Namibia's government is regarded as relatively stable, so comparatively on 150 00:08:14,400 --> 00:08:17,840 Speaker 3: the continent there might not be as much risk versus 151 00:08:17,880 --> 00:08:21,160 Speaker 3: other places with a lot of natural resources. But what 152 00:08:21,240 --> 00:08:24,880 Speaker 3: we see even Senegal now we're seeing oil output there, 153 00:08:24,920 --> 00:08:29,200 Speaker 3: but that project and another big one for liquefied natural gas, 154 00:08:29,240 --> 00:08:32,960 Speaker 3: has had timelines extended more than once. So this is 155 00:08:33,000 --> 00:08:35,520 Speaker 3: just the nature of a lot of these countries where 156 00:08:35,520 --> 00:08:37,040 Speaker 3: there isn't a lot of infrastructure. 157 00:08:39,240 --> 00:08:41,560 Speaker 4: As you see these projects fall. 158 00:08:41,400 --> 00:08:45,679 Speaker 3: Behind or they're more and more delays, then there's going 159 00:08:45,720 --> 00:08:48,160 Speaker 3: to be more of a problem with sort of meeting 160 00:08:48,480 --> 00:08:52,680 Speaker 3: like a real healthy market for oil. So yes, there's 161 00:08:52,880 --> 00:08:56,760 Speaker 3: an increasing risk for that. One of the things that 162 00:08:56,800 --> 00:09:00,920 Speaker 3: we hear from a lot more often from African nations 163 00:09:01,160 --> 00:09:03,440 Speaker 3: is this is the twist because they want to produce 164 00:09:03,480 --> 00:09:07,920 Speaker 3: their own natural resources. Africa as a continent, it's only 165 00:09:08,000 --> 00:09:12,240 Speaker 3: missions footprint is relatively small in comparison to the US 166 00:09:12,320 --> 00:09:16,720 Speaker 3: or Europe or China. So they're saying, it's our time 167 00:09:16,880 --> 00:09:20,679 Speaker 3: to produce this oil and gas and don't tell us 168 00:09:20,679 --> 00:09:24,240 Speaker 3: what to do. So there's a real there's a willingness, 169 00:09:24,320 --> 00:09:28,760 Speaker 3: and I think that's why Namibia also has like relatively 170 00:09:28,960 --> 00:09:33,040 Speaker 3: good terms for oil companies to operate in and so 171 00:09:33,120 --> 00:09:36,800 Speaker 3: that makes them even more attractive other than the resource itself. 172 00:09:37,160 --> 00:09:38,800 Speaker 1: Yeah, that comes up a lot, Paul. 173 00:09:38,840 --> 00:09:42,960 Speaker 2: I've noticed during COPP during the Climate Change conference. That 174 00:09:43,000 --> 00:09:46,560 Speaker 2: happens every year, especially when you hear African leaders saying, 175 00:09:46,720 --> 00:09:48,520 Speaker 2: you know, you need to consider the place at which 176 00:09:48,960 --> 00:09:50,320 Speaker 2: the continent is at. 177 00:09:50,559 --> 00:09:52,559 Speaker 1: When we think about the transition. 178 00:09:52,760 --> 00:09:57,000 Speaker 2: I mean when we hear from other campaigners or environmentalists, 179 00:09:57,120 --> 00:10:01,280 Speaker 2: are they receptive? I mean, are they understand that there 180 00:10:01,400 --> 00:10:04,640 Speaker 2: is still development and you know, energy that is needed 181 00:10:04,640 --> 00:10:06,760 Speaker 2: on the continent or do they push back? 182 00:10:06,760 --> 00:10:08,199 Speaker 1: Would you say yeah, I. 183 00:10:08,120 --> 00:10:09,640 Speaker 4: Think you get a range of answers. 184 00:10:09,840 --> 00:10:13,760 Speaker 3: It's difficult argument to make for especially for environmental groups 185 00:10:13,800 --> 00:10:16,720 Speaker 3: that want to end the use of fossil fuels, and 186 00:10:16,760 --> 00:10:21,360 Speaker 3: certainly they don't want to see that developed off their coastline. 187 00:10:21,800 --> 00:10:26,800 Speaker 3: In Namibia itself, it has a relatively small NGO sector, 188 00:10:27,320 --> 00:10:29,880 Speaker 3: just because the population is just I think two point 189 00:10:29,920 --> 00:10:33,040 Speaker 3: seven million or something like that proportionately that there aren't 190 00:10:33,040 --> 00:10:37,320 Speaker 3: as many groups that would be potentially be resisting this. 191 00:10:37,800 --> 00:10:41,400 Speaker 3: There has been resistance to an onshore oil campaign that 192 00:10:41,720 --> 00:10:45,320 Speaker 3: came earlier because it's in a very ecologically sensitive area. 193 00:10:45,440 --> 00:10:49,040 Speaker 3: We haven't seen an orchestrated campaign on the offshore projects 194 00:10:49,080 --> 00:10:51,320 Speaker 3: in the way that we have seen the same in 195 00:10:51,400 --> 00:10:52,120 Speaker 3: South Africa. 196 00:10:52,320 --> 00:10:54,359 Speaker 4: But you know, don't know that could change. 197 00:10:54,520 --> 00:10:58,280 Speaker 2: And is it safe to call this the last big 198 00:10:58,320 --> 00:10:59,240 Speaker 2: oil rush poll? 199 00:10:59,440 --> 00:11:02,120 Speaker 1: Is that too dramatic of a term? 200 00:11:02,160 --> 00:11:04,120 Speaker 2: I mean, I wonder sort of how you place this 201 00:11:04,280 --> 00:11:06,720 Speaker 2: against what else we're seeing across the continent. 202 00:11:06,760 --> 00:11:09,800 Speaker 3: As you were mentioning, yeah, I think from the look 203 00:11:09,880 --> 00:11:12,040 Speaker 3: of things now, I would say yes, there are some 204 00:11:12,160 --> 00:11:14,400 Speaker 3: other prospects in West Africa, North Africa. 205 00:11:14,440 --> 00:11:17,000 Speaker 4: There's some significant discoveries. 206 00:11:16,400 --> 00:11:20,800 Speaker 3: In Ivory Coast where we've seen like really record developments. 207 00:11:20,920 --> 00:11:23,960 Speaker 4: The Italian explorer any It did like a. 208 00:11:24,080 --> 00:11:26,760 Speaker 3: Really quick time I think a couple of years between 209 00:11:27,200 --> 00:11:30,040 Speaker 3: discovering the oil and producing it. They're going to do 210 00:11:30,080 --> 00:11:32,480 Speaker 3: it as quickly as they can and for as long 211 00:11:32,559 --> 00:11:35,840 Speaker 3: as the international oil companies have the appetite to do it. 212 00:11:35,880 --> 00:11:38,520 Speaker 4: This could be the last big development. 213 00:11:39,280 --> 00:11:43,439 Speaker 3: To Hotel Ceo mentioned like six to seven of these 214 00:11:44,040 --> 00:11:47,319 Speaker 3: offshore vessels that can pump up to one hundred and 215 00:11:47,320 --> 00:11:50,400 Speaker 3: eighty thousand barrels a day each. That would put Namibia 216 00:11:50,440 --> 00:11:54,080 Speaker 3: on the higher end of OPEC members from Africa. If 217 00:11:54,080 --> 00:11:58,360 Speaker 3: it's going to happen, it's probably going to happen in Namibia. 218 00:11:58,440 --> 00:12:01,640 Speaker 2: And so then Paul, what next for Namibia? Are are 219 00:12:01,679 --> 00:12:05,160 Speaker 2: they hoping there could be more opportunities for investment? Is 220 00:12:05,160 --> 00:12:08,800 Speaker 2: there something else potentially that could could be a boon 221 00:12:09,040 --> 00:12:10,559 Speaker 2: at this point in time for the country. 222 00:12:11,000 --> 00:12:14,520 Speaker 3: It's really interesting because there are two things going on there, 223 00:12:14,520 --> 00:12:17,880 Speaker 3: the oil developments, and there's a whole plan for green 224 00:12:17,960 --> 00:12:22,160 Speaker 3: hydrogen projects because Namibia has, according to the World Banks 225 00:12:22,280 --> 00:12:25,520 Speaker 3: is like the best solar radiation, are the best sunlight 226 00:12:25,679 --> 00:12:29,400 Speaker 3: to do big solar projects, and because of the government's 227 00:12:29,600 --> 00:12:33,840 Speaker 3: openness to investment, that technology is still being developed. So 228 00:12:33,880 --> 00:12:38,359 Speaker 3: you're seeing a really interesting concurrently these fossil fuel projects, 229 00:12:38,400 --> 00:12:42,480 Speaker 3: these oil projects maybe the last of them, the last 230 00:12:42,520 --> 00:12:45,000 Speaker 3: of the big ones, happening at the same time that 231 00:12:45,040 --> 00:12:49,240 Speaker 3: these green hydrogen projects are being built, really as they're 232 00:12:49,280 --> 00:12:51,480 Speaker 3: being as the technology is being developed. 233 00:12:51,960 --> 00:12:55,520 Speaker 4: Yeah, there's definitely a contrast of the end of the 234 00:12:55,559 --> 00:12:56,880 Speaker 4: old and the beginning of the new. 235 00:12:57,440 --> 00:13:00,200 Speaker 1: Fascinating a bit of reporting. Paulbrik Ark, thank you so 236 00:13:00,240 --> 00:13:01,120 Speaker 1: much for your time. 237 00:13:01,240 --> 00:13:01,520 Speaker 3: But you. 238 00:13:03,200 --> 00:13:05,840 Speaker 2: And as Paul just said, this moment can only be 239 00:13:05,960 --> 00:13:08,720 Speaker 2: defined as the end of the old and the beginning 240 00:13:08,720 --> 00:13:12,520 Speaker 2: of the new. But with neighboring and Golands still waiting 241 00:13:12,520 --> 00:13:16,640 Speaker 2: to see the benefits of its own discoveries, expectations remain 242 00:13:16,800 --> 00:13:22,599 Speaker 2: tempered in Namibia until they see the investments reach ordinary citizens. 243 00:13:25,120 --> 00:13:28,400 Speaker 2: This program was produced by Adrian Bradley. If you like 244 00:13:28,480 --> 00:13:32,080 Speaker 2: the episode, don't forget to comment and subscribe Wherever you 245 00:13:32,120 --> 00:13:35,160 Speaker 2: are listening to this podcast, I'm Jennifer's Abasaga. 246 00:13:35,280 --> 00:13:36,679 Speaker 1: Thanks, as always for listening.