24 Nov 2024
QatarEnergy increases its interest in key blocks with TotalEnergies, strengthening its position in one of Africa’s most exciting hydrocarbon regions.
QatarEnergy has bolstered its presence in Namibia’s offshore energy sector with the acquisition of additional stakes in two blocks in the Orange Basin, the company announced.
Through a deal with TotalEnergies, QatarEnergy secured an additional 5.25% interest in Block 2913B (PEL 56) and a 4.695% interest in Block 2912 (PEL 91). The blocks are situated in highly prospective offshore areas.
Pending regulatory approval, QatarEnergy’s stake in Block 2913B will increase to 35.25%, while its share in Block 2912 will rise to 33.025%. TotalEnergies, the operator of both blocks, will retain majority ownership with 45.25% in Block 2913B and 42.475% in Block 2912.
Other stakeholders, including Impact Oil & Gas and Namibia’s state-owned National Petroleum Corporation (NAMCOR), will maintain their shares. Impact Oil & Gas holds a 9.5% interest in each block, while NAMCOR retains 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 CEO of QatarEnergy.
The Venus discovery, located within Block 2913B, is considered one of the most promising hydrocarbon finds in recent years, further solidifying the basin’s strategic importance in global energy development.