November 25, 2024 [Qatar Energy]- Qatar Energy has entered into an agreement with TotalEnergies to acquire additional interests in two offshore blocks in Namibia’s Orange Basin.
The acquisition includes a 5.25% interest in block 2913B (PEL 56) and a 4.695% interest in block 2912 (PEL 91).
This move increases QatarEnergy’s stake in block 2913B to 35.25% and in block 2912 to 33.025%.
TotalEnergies, the operator, will hold a 45.25% stake in block 2913B and 42.48% in block 2912.
Impact Oil & Gas holds a 9.5% stake in each block, while the National Petroleum Corporation of Namibia holds a 10% stake in block 2913B and 15% in block 2912.
The transaction is subject to customary approvals.
QatarEnergy president and CEO Saad Sherida Al-Kaabi said: “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.
“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.”
Blocks 2913B and 2912 are situated approximately 300km offshore Namibia, with water depths ranging between 2,600 and 3,800m.
This strategic acquisition strengthens QatarEnergy’s position in the region’s upstream oil and gas sector.
In related news, ExxonMobil and Qatar Energy’s joint venture, GPLNG, received a three-year extension from the US Federal Energy Regulatory Commission to complete the Golden Pass LNG (liquefied natural gas) plant in Texas. Initially authorised in December 2016, the project now has a completion deadline of 30 November 2029.
Additionally, Qatar Energy is in discussions with Kuwait Petroleum Corporation (KPC) for a long-term LNG supply deal.
The proposed 15-year agreement involves Qatar Energy supplying KPC with three million tonnes per annum of LNG sourced from Qatar Energy’s North Field expansion project, which is expected to start operations in 2026.
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