Qatar Petroleum signs agreements to farm into Namibia offshore fields

28 August 2019 (Last Updated August 28th, 2019 14:25)

Qatar Petroleum (QP) has signed agreements with Total to secure a share in exploration and production rights in two blocks, offshore Namibia.

Qatar Petroleum signs agreements to farm into Namibia offshore fields
With this deal, Qatar Petroleum expects to boost its presence in Africa. Credit: Erin

Qatar Petroleum (QP) has signed agreements with Total to secure a share in exploration and production rights in two blocks, offshore Namibia.

The agreements are subject to regulatory approvals as well as approvals from the partners in the blocks. The other partners in this block include Impact Oil (20%), and Namcor (10%).

QP will secure a 30% participating interest in Block 2913B, while Total, which is the operator of the field, will hold a 40% participating interest. A first exploration well is slated to be drilled in the first half of 2020.

Block 2913BB has an area of 8,215km2 with a depth of 2,600-3,300m, while Block 2912 has an area of 7,813km2 and is 3,300-3,800 deep.

QP will also have a 28.33% participating interest in Block 2912. Total, which is also the operator of the field, will hold a 37.78% participating interest. Partners in the block include Impact Oil (18.89%) and Namcor (15%). Both blocks are located in the Orange Basin, offshore Namibia.

Minister of State for Energy Affairs and QP CEO and president Saad Sherida Al-Kaabi said: “We are pleased to expand our global exploration activities into Namibia, which further strengthens our presence in Africa. Working on these prospective frontier blocks with our valuable long-term partner, Total, will give another boost to our efforts towards implementing our international growth strategy.”

In July 2019, QP had signed an agreement with Total for the acquisition of a share of exploration and production rights in two blocks offshore Guyana in Latin America.

QP will hold 40% of Total’s 25% participating interest in the Orinduik block. The company would also hold 40% of Total’s 25% participating interest in the neighbouring Kanuku block.

In July 2019, Eni, Total and QP also signed an agreement under which the latter is to acquire a combined 25% % share in the exploration blocks L11A, L11B and L12 offshore Kenya.

Of the 25% stake, 13.75% will be acquired from Eni and the remaining from Total. Following this deal, ENI holds 41.25% interest and Total with 33.75% stake.

The two deals signed in July are subject to regulatory approvals.