Qatar Petroleum has agreed to acquire a 45% stake in two exploration blocks in Namibian waters – Block 2913A and Block 2914B in PEL 39 from Royal Dutch Shell.

The financial terms of the deal were not disclosed.

Shell will continue to be the operator of the blocks with a stake of 45%. The remaining 10% in PEL 39 is held by the National Petroleum Corporation of Namibia (NAMCOR).

The PEL 39 blocks, which span an area of around 12,300km2 are located in ultra-deep-water depths of around 2,500m.

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.”

PEL 39 is the second exploration license for Qatar Petroleum in Namibia. In August 2019, the Qatari oil company signed agreements for taking part in blocks 2913B and 2912 offshore Namibia.

  NAMCOR, Namibia, Oil and gas industry news, Oil and gas news, PEL 39, Qatar Petroleum, Royal Dutch Shell, Saad Sherida Al-Kaabi