QatarEnergy raises stakes in PEL 56 and PEL 91 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 participating interests in both licenses will increase to 35.25% in block 2913B and 33.025% in block 2912. TotalEnergies (the operator) will hold 45.25% in block 2913B and 42.475% in block 2912. The other partners in the two licenses are Impact Oil & Gas, holding 9.5% in each of the two licenses and the National Petroleum Corporation of Namibia (NAMCOR), holding 10% in block 2913B and 15% in block 2912.

QatarEnergy's relationship with NAMCOR goes way back, when the parties agreed to support and develop a sustainable upstream oil and gas sector in Namibia, which also included training and development of NAMCOR employees in industry-based skills.

Developing Venus discovery

"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,” said Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, and president and CEO, QatarEnergy.

"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,” he said.

Blocks 2913B and 2912 are located about 300 kilometers offshore Namibia, in water depths ranging from 2600 to 3800 meters. 

Blocks in the Namibian Orange Basin continue to see heightened activities.