QatarEnergy Acquires Additional Stake from TotalEnergies in Namibian Offshore Blocks
Deal News | Nov 25, 2024 | Phoenicia Group Libya LLC
In a strategic agreement, QatarEnergy has acquired an additional 5.25% and 4.695% interest from TotalEnergies in offshore blocks 2913B and 2912, respectively, located in Namibia's Orange Basin. This acquisition increases QatarEnergy's participating interests to 35.25% in block 2913B and 33.025% in block 2912. The deal, which is subject to customary approvals, emphasizes QatarEnergy's continued expansion into Namibia's upstream sector and aligns with its strategy to develop the Venus discovery in block 2913B. The operator TotalEnergies maintains a significant interest in these blocks, with respective holdings of 45.25% and 42.475%, while other partners, including Impact Oil & Gas and the National Petroleum Corporation of Namibia (NAMCOR), hold the remaining interests.
Sectors
- Oil & Gas Exploration and Production
Geography
- Namibia – The offshore blocks 2913B and 2912 that are the subject of the acquisition are located in Namibia's Orange Basin.
- Qatar – QatarEnergy, the acquiring company, is based in Qatar.
- France – TotalEnergies, the selling company, is based in France.
Industry
- Oil & Gas Exploration and Production – The acquisition concerns interests in offshore oil blocks, indicating a focus on oil and gas exploration and production.
Financials
- 5.25% – The additional interest acquired by QatarEnergy in block 2913B.
- 4.695% – The additional interest acquired by QatarEnergy in block 2912.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| QatarEnergy | Bidding Company | Company | QatarEnergy is a state-owned petroleum company of Qatar involved in the acquisition of additional interests in Namibian offshore blocks. |
| TotalEnergies | Selling Company | Company | TotalEnergies is a French multinational energy company that is selling part of its interest in Namibian offshore blocks. |
| Impact Oil & Gas | Other Partner | Company | Impact Oil & Gas holds 9.5% in each of the two licenses involved in the transaction. |
| National Petroleum Corporation of Namibia (NAMCOR) | Other Partner | Company | NAMCOR is a state-owned oil company of Namibia holding interests in the blocks being acquired. |