Qatar Petroleum has entered into an agreement with Shell to become a partner in two exploration blocks offshore of the Republic of Namibia.
Under the terms of the agreement, which is subject to customary approvals, Qatar Petroleum will hold a 45 per cent participating interest in the PEL 39 exploration license pertaining to Block 2913A and Block 2914B, while Shell (the Operator) will hold a 45 per cent interest, and the National Petroleum Corporation of Namibia (NAMCOR) will hold the remaining 10 per cent interest.
In commenting on the agreement, His Excellency Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of Qatar Petroleum, said: “With this second exploration and production sharing agreement in Namibia, we are pleased to expand our exploration footprint in the country, and to further strengthen our presence in the southern Africa region.”
“Working on these promising and prospective blocks with our valued long-term partner, Shell, is another step in our stride towards achieving our international growth strategy.”
“We look forward to working together with the Namibian Government, NAMCOR and Shell on these blocks,” he commented.
This is Qatar Petroleum’s second exploration licence in Namibia. In August 2019, the company entered into agreements for participating in blocks 2913B and 2912 offshore of Namibia.
The PEL 39 blocks are located offshore of Namibia in ultra-deep waters of about 2,500 metres, covering an area of approximately 12,300 square kilometres.