The Petroleum Training and Education Fund (PETROFUND) was formed in 1993 in order to offer training in fields of science and information technology through:
(i) scholarships and
(ii) support education institution building.
In recognition of the scarcity of skilled personnel in the petroleum exploration and production industry in Namibia, the Government of the Republic of Namibia through the Ministry of Mines and Energy adopted a strategy to address personnel needs of the petroleum industry at large through formation of the Petroleum Education and Education Fund (Petrofund).
The Petrofund is a product of the Petroleum (Exploration and Production) Act of 1991.
Through the Act, the Minister of Mines and Energy is empowered to conclude agreements with individual petroleum exploration and production companies who are granted exploration rights in Namibia to contribute an agreed amount of money to the Petrofund.
Objectives of the Petrofund
The Petrofund offers training in the fields of science and information technology through (i) scholarships and (ii) support education institutional building.
The objectives of the Petrofund are as follows:
- Provide bursaries for tertiary studies in the fields of engineering, science and technology to pave the way for Namibians to fill employment positions currently filled by non Namibians
- Foster awareness of and promote knowledge of natural sciences, mathematics, engineering and technology and other oil and gas related fields over a broad spectrum of population by exposing them to selected promotional activities in the relevant fields
- Enhance education and training in natural science, mathematics, engineering and technology in Namibia by improving the quality of teaching staff in these subjects at secondary school.