TotalEnergies selling minor stakes in two Namibian offshore blocks to QatarEnergy

Qatar’s state-owned energy heavyweight QatarEnergy is enlarging its portfolio of assets in the Orange Basin, thanks to a deal with France’s energy giant TotalEnergies, which will enable it to acquire additional interests in two blocks about 300 kilometers off the coast of Namibia.

Qatar’s energy player struck a deal with TotalEnergies to get an additional 5.25% interest in block 2913B within PEL 56, containing the Venus discovery, and an extra 4.695% interest in block 2912 within PEL 91 – both of which are situated in water depths ranging from 2,600 to 3,800 meters in Namibia’s Orange Basin. As a result, QatarEnergy’s participating interests in these licenses will increase to 35.25% in block 2913B and 33.025% in block 2912, subject to customary approvals.

Commenting on the portfolio enlargement, Saad Sherida Al-Kaabi, Qatar’s Minister of State for Energy Affairs, President 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 towards the development of the Venus discovery located on block 2913B.”

Once the transaction is done, TotalEnergies, as the operator, will hold 45.25% in block 2913B and 42.475% in block 2912. The other partners in the two licenses are Impact Oil & Gas, holding 9.5% in each of the two licenses, and the National Petroleum Corporation of Namibia (NAMCOR), maintaining 10% in block 2913B and 15% in block 2912.

Al-Kaabi added: “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.”

This announcement comes a month after TotalEnergies kicked off exploration activities on Block 2913B by starting to drill a 1 billion barrel prospect at Tamboti-1X to the north of the giant Venus accumulation, with potential follow-on drilling to the south of Venus also on the cards. These operations are being undertaken with the Odfjell Drilling-managed Deepsea Mira rig.

Recently, Africa Oil Corp. augmented its ownership interest in Impact Oil & Gas, securing a larger stake in the block with the Venus oil discovery.