Qatar Petroleum entered into an agreement with Shell to become a partner in two exploration blocks offshore Namibia.
The PEL 39 blocks are located offshore Namibia in ultra-deep-water depths of about 2,500 m, covering an area of approximately 12,300 km2.
Under the terms of the agreement, which is subject to customary approvals, Qatar Petroleum will hold a 45 percent participating interest in the PEL 39 exploration license pertaining to Block 2913A and Block 2914B, while Shell (the Operator) will hold a 45 percent interest, and the National Petroleum Corporation of Namibia (NAMCOR) will hold the remaining 10% interest.
Commenting on the agreement, His Excellency Mr. 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.”