The Qatari company’s ‘participating interest’ has been bumped up in block 2913B to 35.25 percent, and 33.025 percent in block 2912.
QatarEnergy has strengthened its presence in offshore Namibia by increasing its exploration stakes, underscoring its commitment to expanding its global energy portfolio.
The Qatari company announced it is acquiring an additional 5.25 percent interest in block 2913B (PEL 56) and a 4.695 percent interest in block 2912 (PEL 91) in the Orange Basin.
The latest acquisition of the offshore exploration interests in Namibia is in collaboration with TotalEnergies. Both blocks are located around 300 kilometres offshore Namibia with water depths that range between 2,600 to 3,800 metres.
“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,” Saad Al-Kaabi, President and CEO of QatarEnergy, said in a press release.
Detailing the deal, QatarEnergy said its “participating interest” has been bumped up in block 2913B to 35.25 percent, and 33.025 percent in block 2912.
The deal stipulates that TotalEnergies, the operator, will hold 45.25 percent in block 2913B and 42.475 percent in block 2912.
Other partners also hold licenses in both blocks, including Impact Oil & Gas with a 9.5 percent in each of the two licenses. The National Petroleum Corporation of Namibia (NAMCOR) will hold 10 percent block 2913B and 15 percent in block 2912.
“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 programme,” Al-Kaabi, who is also Qatar’s Minister of State for Energy Affairs, said.
In March, QatarEnergy and TotalEnergies said they would buy a stake in a license to seek oil and gas off South Africa as part of their plans to develop the Orange Basin area in neighbouring Namibia.
Meanwhile, in April 2021, the Qatari company entered a deepwater agreement in Namibia with Anglo-Dutch multinational oil and gas giant Shell. Qatar acquired 45 percent of the exploration license, which was also the Gulf state’s second in Namibia.
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