Qatar Petroleum has signed an agreement with Shell to become a partner in two exploration blocks offshore Namibia, according to Qatar Petroleum’s press release.
Under the terms of the agreement, Qatar Petroleum will hold a 45% participating interest in the PEL 39 exploration concession covering Block 2913A and Block 2914B, and Shell the operator will retain a 45% interest, while the remaining 10% is held by the National Petroleum Corporation of Namibia (NAMCOR).
Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of Qatar Petroleum, stated: “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.”
It is worth noting that PEL 39 blocks are located offshore Namibia in water depths of about 2,500 meter (m) and cover an area of approximately 12,300 Kilometer square (km2).