QatarEnergy boosts stakes in Namibia offshore assets

WINDHOEK, November 25, 2024 – QatarEnergy has agreed with TotalEnergies to boost its stakes in two blocks in the prolific Orange Basin offshore Namibia, the Qatari NOC announced on Sunday.

The company will take an additional 5.25% interest in Block 2913B (PEL 56) and an additional 4.695% interest in Block 2912 (PEL 91).

This will leave it with a stake of 35.25% in Block 2913B, which TotalEnergies operates with 45.25%, as well as 33.025% in Block 2912, which the French player operates with 42.475%.

Impact Oil & Gas will retain 9.5% in each of the two licences, while NOC Namcor will retain 10% in block 2913B and 15% in block 2912.

Both blocks are located about 300 kilometres offshore Namibia, in water depths ranging from 2,600-3,800 metres.

Block 2913B is home to TotalEnergies’ 2022 Venus discovery, where the first phase of development is slated for completion next year.

“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 Qatari Minister of State for Energy Affairs and president and CEO of QatarEnergy Saad Sherida Al-Kaabi.

Earlier this month, QatarEnergy made headlines for expanding its gas footprint with the acquisition of four new LNG tankers and a new stake in a gas exploration project offshore Egypt.

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