QatarEnergy Gains Expanded Offshore Exploration Rights in Namibia

QatarEnergy has further solidified its position in Namibia’s offshore energy sector by entering into an agreement with TotalEnergies to acquire additional stakes in two exploration blocks located in the Orange Basin. Under the agreement, QatarEnergy will increase its interest by 5.25% in block 2913B (PEL 56) and by 4.695% in block 2912 (PEL 91). Following the completion of customary regulatory approvals, QatarEnergy’s holdings will rise to 35.25% in block 2913B and 33.025% in block 2912. TotalEnergies, which operates both blocks, will retain a 45.25% share in block 2913B and a 42.475% share in block 2912.

Other stakeholders in the two blocks include Impact Oil & Gas, holding 9.5% in each license, and the National Petroleum Corporation of Namibia (NAMCOR), Namibia’s state-owned energy company. NAMCOR holds a 10% stake in block 2913B and a 15% stake in block 2912, ensuring significant local participation in these offshore exploration projects.

Both blocks are situated approximately 300 kilometers off Namibia’s coast, in the deep waters of the Orange Basin. The water depths in this area range between 2,600 and 3,800 meters, presenting both challenges and opportunities for exploration and development. Block 2913B, in particular, is home to the Venus discovery, one of the most promising oil and gas finds in recent years, making this agreement a key milestone in advancing its potential development.

His Excellency Saad Sherida Al-Kaabi, Qatar’s Minister of State for Energy Affairs and President and CEO of QatarEnergy, expressed his satisfaction with the agreement, highlighting its importance in strengthening the company’s upstream portfolio in Namibia. He remarked, “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.”

His Excellency also extended his gratitude to the Namibian authorities and partners, noting, “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.”

The agreement reinforces QatarEnergy’s commitment to exploring and developing hydrocarbon resources in high-potential regions. It also aligns with the company’s global strategy to build partnerships in key exploration and production projects, particularly in emerging energy hubs like Namibia. The Orange Basin has garnered significant attention due to its promising discoveries, positioning Namibia as a potential major player in the global energy sector. QatarEnergy’s expanded presence underscores its confidence in the region’s prospects and its readiness to contribute to its development.