QatarEnergy Expands Offshore Exploration in Namibia
QatarEnergy has made a significant move in the oil and gas sector by acquiring additional stakes in two offshore exploration blocks in Namibia. The company has signed an agreement with TotalEnergies to increase its stake in Block 2913B to 35.25% and in Block 2912 to 33.025%. This acquisition is part of QatarEnergy's strategy to enhance its exploration portfolio in the Orange Basin, which is known for its promising hydrocarbon potential.
Details of the Agreement
Under the terms of the agreement, QatarEnergy will acquire an additional 5.25% interest in Block 2913B and a 4.695% interest in Block 2912. TotalEnergies, the operator of these blocks, will hold a 45.25% stake in Block 2913B and a 42.475% stake in Block 2912. Other partners involved in these exploration licenses include Impact Oil & Gas, which holds a 9.5% stake in both blocks, and the Namibian National Petroleum Corporation (Namcor), with stakes of 10% in Block 2913B and 15% in Block 2912.
Future Prospects and Cooperation
Saad bin Sherida Al-Kaabi, Qatar's Minister of State for Energy Affairs and CEO of QatarEnergy, emphasized the importance of this agreement as a step forward in collaboration with partners to develop the Venus exploration well in Area 2913B, where oil and gas reserves have already been discovered. He expressed gratitude towards the Namibian authorities and partners for their support and looks forward to advancing the exploration and development program in this promising region.
