QatarEnergy has strengthened its presence in Namibia’s upstream oil and gas sector through an agreement with TotalEnergies, increasing its stakes in two Orange Basin offshore blocks.
Under the new deal, QatarEnergy will acquire an additional 5.25% stake in Block 2913B and 4.7% in Block 2912.
Following the transaction, QatarEnergy’s shares will rise to 35.25% in Block 2913B and 33.025% in Block 2912.
Saad Sherida Al-Kaabi, Qatar’s Minister of State for Energy Affairs and CEO of QatarEnergy, 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 toward the development of the Venus discovery located on Block 2913B.”
TotalEnergies, the operator of both blocks, will retain a 45.25% stake in Block 2913B and 42.475% in Block 2912.
Other stakeholders include Impact Oil & Gas, which holds 9.5% in both blocks, and the National Petroleum Corporation of Namibia (NAMCOR), owning 10% in Block 2913B and 15% in Block 2912.
Located approximately 300 kilometers off the coast of Namibia, in water depths ranging from 2,600 to 3,800 meters, the blocks host the highly promising Venus discovery.
This field is considered a pivotal find with the potential to significantly influence Namibia’s energy landscape.
The acquisition aligns with QatarEnergy’s broader energy strategy, which balances traditional fossil fuels with renewable initiatives.
In October, the company announced a 50% stake in TotalEnergies’ 1.25-gigawatt solar project in Iraq, a key component of Iraq’s $27 billion Gas Growth Integrated Project.
This project aims to enhance Iraq’s energy independence while addressing environmental concerns.
The solar venture will deploy 2 million bifacial panels to generate up to 1.25 GW of renewable energy, capable of powering approximately 350,000 homes in the Basra region.
QatarEnergy’s equal partnership in this project with TotalEnergies underscores its commitment to sustainable energy solutions.
QatarEnergy’s investments in Namibia’s offshore development and Iraq’s renewable energy initiatives reflect its strategy of diversifying its energy portfolio while addressing global energy and sustainability challenges.
