QatarEnergy expands offshore exploration interests in Namibia
DOHA, 3 hours, 3 minutes ago
QatarEnergy has entered into an agreement with TotalEnergies to acquire an additional 5.25 per cent interest in block 2913B (PEL 56) and an additional 4.695 per cent interest in block 2912 (PEL 91), both located in the Orange Basin, offshore Namibia.
Subject to customary approvals, QatarEnergy’s participating interests in both licenses will increase to 35.25 per cent in block 2913B and 33.025 per cent in block 2912.
TotalEnergies (the operator) will hold 45.25 per cent in block 2913B and 42.475 per cent in block 2912.
The other partners in the two licenses are Impact Oil & Gas, holding 9.5 per cent in each of the two licenses and the National Petroleum Corporation of Namibia “NAMCOR”, holding 10 per cent in block 2913B and 15 per cent in block 2912.
Saad 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.”
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 about 300 kilometers offshore Namibia, in water depths ranging from 2600 to 3800 meters. -TradeArabia News Service
