QatarEnergy has signed an agreement with TotalEnergies to increase its interests in two offshore blocks in Namibia’s Orange Basin. The company will acquire an additional 5.25% interest in block 2913B (PEL 56) and a further 4.695% interest in block 2912 (PEL 91). Once the transaction receives customary approvals, QatarEnergy’s share will rise to 35.25% in block 2913B and to 33.025% in block 2912.
TotalEnergies, which operates both blocks, will hold a majority stake of 45.25% in block 2913B and 42.475% in block 2912 after the transaction is complete. Impact Oil & Gas will maintain a holding of 9.5% in each license, while the National Petroleum Corporation of Namibia (NAMCOR) will have a stake of 10% in block 2913B and 15% in block 2912.
Commenting on the agreement, Saad Sherida Al-Kaabi, Minister of State for Energy Affairs and 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.”
He 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.”
The two blocks are situated approximately 300 kilometers off Namibia’s coast at water depths between 2,600 and 3,800 meters.
