QatarEnergy acquires additional interests in exploration offshore Namibia

QatarEnergy has entered into an agreement with TotalEnergies to acquire an additional 5.25% interest in block 2913B (PEL 56) and an additional 4.695% interest in block 2912 (PEL 91), both located in the Orange Basin offshore Namibia.

Subject to customary approvals, QatarEnergy’s interest in both licenses will increase to 35.25% in block 2913B and 33.025% in block 2912. TotalEnergies (the operator) will own 45.25% in block 2913B and 42.475% in block 2912.

Other partners in the two licenses are Impact Oil & Gas, which holds 9.5% in each of the two licenses, and NAMCOR, which owns 10% in block 2913B and 15% in block 2912.

Commenting on the development, His Excellency Saad bin Sherida Al Kaabi, Minister of State for Energy, who is also President and CEO of QatarEnergy, said: “We are pleased to expand QatarEnergy’s presence in Namibia’s mining sector. This agreement marks another important step in working with our partners to develop the Venus discovery located in Block 2913B.”

HE 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 implementing our exploration and potential development program.”

Blocks 2913B and 2912 are located approximately 300 kilometers off the coast of Namibia, at depths ranging from 2,600 to 3,800 meters.