QatarEnergy is expanding its offshore exploration efforts in Namibia, demonstrating its commitment to growing its global energy portfolio.
In a new agreement with TotalEnergies, the company has acquired additional stakes in two important offshore blocks in the Orange Basin.
QatarEnergy has increased its interest by 5.25 percent in block 2913B and 4.695 percent in block 2912.
Once finalized, these acquisitions will increase QatarEnergy’s ownership to 35.25 percent in block 2913B and 33.025 percent in block 2912.
The two blocks are located about 300 kilometers off Namibia’s coast, with water depths ranging from 2,600 to 3,800 meters.
The area has been attracting attention for its energy resources, particularly because of the Venus discovery in block 2913B.
The Venus field is considered one of the most exciting hydrocarbon finds in recent years and could play a major role in transforming Namibia’s energy landscape.
Saad Sherida Al-Kaabi, the CEO of QatarEnergy and who also serves as Minister of State for Energy Affairs, shared his enthusiasm about the agreement.
He described it as a key step toward developing the Venus discovery and emphasized the importance of partnerships with companies like TotalEnergies.
Under the terms of the agreement, TotalEnergies will continue to operate both blocks and will hold a majority stake of 45.25 percent in block 2913B and 42.475 percent in block 2912.
Other partners include Impact Oil & Gas, which holds 9.5 percent in each block, and Namibia’s National Petroleum Corporation (NAMCOR), which has a 10 percent stake in block 2913B and 15 percent in block 2912.
The move into Namibia aligns with QatarEnergy’s broader plan to diversify its investments across both traditional fossil fuels and renewable energy projects.
The company also recently announced its involvement in a solar project in Iraq, where it has acquired a 50 percent stake in a major initiative to boost Iraq’s energy independence through renewable energy.
This dual focus on oil exploration and renewable energy projects demonstrates QatarEnergy’s aim to meet global energy needs while also prioritizing sustainability.
QatarEnergy’s expansion in Namibia is not just about increasing its stake but also reflects a careful approach to building partnerships that can unlock the country’s energy potential.
By working closely with local authorities and partners, QatarEnergy seeks to contribute to Namibia’s economy by creating jobs and developing infrastructure linked to these energy projects.
As QatarEnergy continues its global expansion, its work in Namibia could become an example of how international energy companies and African nations can collaborate effectively.
The success of the Venus discovery has the potential to reshape Namibia’s energy sector, creating opportunities for growth and attracting more investment into the country.
By increasing its stake in these promising offshore blocks, QatarEnergy is not only preparing for future success but also playing a key role in supporting Namibia’s economic development.
As the world shifts toward cleaner energy solutions, QatarEnergy’s balanced strategy could help set a strong foundation for a prosperous future for both the company and the people of Namibia.
