Qatar Petroleum, Shell Sign Agreement for Offshore Blocks in Namibia

Qatar Petroleum, Shell Sign Agreement for Offshore Blocks in Namibia
MEDITERRANEAN SEA, ISRAEL – MARCH 28: In this handout image provided by Albatross, The Tamar drilling natural gas production platform is seen some 25 kilometers West of the Ashkelon shore on March 28, 2013 in Israel. The offshore Tamar drilling site which was originally dispatched from a shipyard in Texas at the end of last year is due to start producing natural gas next week. Over the past few years Israel has suffered from a shortage in natural gas, but with the new platform that weighs 34,000 tons and will be mainly operated by Israelis, the US company Nobel Energy which owns a 36% stake in Tamar, hopes to change Israel’s energy situation as well as the economy as a whole. (Photo Photo by Albatross via Getty Images)

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)​.

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