QatarEnergy acquires additional offshore exploration interests in Namibia

Doha, Qatar: QatarEnergy has entered into an agreement with Total Energies to acquire an additional 5.25% interest in block 2913B (PEL56) and an addit...

Doha, Qatar: QatarEnergy has entered into an agreement with Total Energies to acquire an additional 5.25% interest in block 2913B (PEL56) and an additional 4.695% interest in block 2912 (PEL91), both located in the Orange Basin, offshore Namibia.

Subject to customary approvals, QatarEnergy’s participating interests in both licenses will increase to 35.25% in block 2913Band 33.025% in block 2912. Total Energies (the operator) will hold 45.25% in block 2913Band 42.475% in block 2912. The other partners in the two licenses are Impact Oil & Gas, holding 9.5% in each of the two licenses and the National Petroleum Corporation of Namibia “NAMCOR”, holding 10% in block 2913B and 15%in block 2912.

Commenting on this occasion, His Excellency Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, said: “We are pleased to expand QatarEnergy’s footprint in Namibia’s upstream sector. This agreement marks another important step in working collaboratively with our partners towards the development of the Venus discovery located on block 2913B.”

His Excellency Minister Al-Kaabi added: "I would like to take this opportunity to thank the Namibian authorities and our partners for their support and we look forward to delivering on our exploration and potential development program.”

Blocks 2913B and 2912 are located about300 kilometers offshore Namibia, in water depths ranging from 2,600 to 3,800 meters.