QatarEnergy has acquired additional stakes in two offshore blocks in the Orange Basin, further strengthening its presence in Namibia’s burgeoning upstream energy sector.
Through an agreement with TotalEnergies, QatarEnergy has acquired an additional 5.25% interest in Block 2913B (PEL 56) and a 4.695% interest in Block 2912 (PEL 91).
Both blocks are located in highly prospective offshore areas.
As part of the transaction, which remains subject to regulatory approval, QatarEnergy’s participating interest will increase to 35.25% in Block 2913B and 33.025% in Block 2912.
TotalEnergies, the operator of the blocks, will retain a majority stake of 45.25% in Block 2913B and 42.475% in Block 2912.
The remaining partners, Impact Oil & Gas and the National Petroleum Corporation of Namibia (NAMCOR), will maintain their respective interests.
Impact Oil & Gas will retain its 9.5% share in each license, while NAMCOR will hold 10% in Block 2913B and 15% in Block 2912.
“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 toward the development of the Venus discovery located on Block 2913B,” said Saad Sherida Al-Kaabi, Qatar’s Minister of State for Energy Affairs and the President and CEO of QatarEnergy.
Block 2913B is home to the Venus discovery, widely regarded as one of the most promising hydrocarbon finds in recent years.
