KEY POINTS
- QatarEnergy increases its stake in Namibian offshore blocks.
- Venus oil discovery holds significant resource potential.
- Namibia’s Orange Basin attracts global energy giants.
QatarEnergy, the state-owned energy company of Qatar, has strengthened its position in Namibia’s Orange Basin through additional acquisitions.
The company announced on Sunday an agreement with TotalEnergies SE to increase its stake in two offshore blocks, 2913B and 2912, which host the giant Venus oil discovery made in February 2022.
QatarEnergy boosts stake in Venus oil block
Under the agreement, QatarEnergy will acquire an additional 5.25 percent interest in Block 2913B, bringing its total stake to 35.25 percent, and a further 4.695 percent in Block 2912, raising its ownership to 33.025 percent. According to Rigzone, TotalEnergies retains 45.25 percent in Block 2913B and 42.5 percent in Block 2912, having earlier boosted its holdings through acquisitions from Impact Oil & Gas Namibia.
“This agreement marks another important step in working collaboratively with our partners towards the development of the Venus discovery,” said QatarEnergy CEO and Minister of Energy Affairs Saad Sherida Al-Kaabi. The Venus discovery, announced in 2022, encountered a high-quality Lower Cretaceous reservoir with approximately 84 meters of net oil pay, underscoring its significance as one of the most promising offshore finds globally.
Namibia’s Orange Basin emerges as exploration hotspot
Blocks 2913B and 2912 are located about 300 kilometers off Namibia’s southern coast, in water depths ranging from 2,600 to 3,800 meters. The Orange Basin has become a hotspot for exploration, with recoverable reserves estimated at over 2.1 billion barrels of oil equivalent.
The Namibian government, through the National Petroleum Corporation of Namibia (Namcor), holds a 10% stake in Block 2913B and 15 percent in Block 2912. Impact Oil and Gas Namibia retains 9.5 percent ownership in both blocks.
The transaction, which remains subject to customary regulatory approvals, reflects the growing importance of Namibia’s offshore resources. The country has attracted major oil and gas players including Shell, BP, and Chevron, positioning itself as a potential rival to Guyana in terms of exploration success and resource potential.
QatarEnergy strengthens foothold in Namibia’s Orange Basin
QatarEnergy’s move aligns with a broader industry trend of consolidating assets in high-potential basins. Namibia’s Orange Basin, in particular, has drawn comparisons to Guyana due to successive discoveries across multiple blocks. These finds have spurred a wave of investment and exploration activity, with more wells expected to be drilled in the coming years.
TotalEnergies and QatarEnergy also share interests in exploration blocks on the South African side of the Orange Basin, further cementing their strategic collaboration in the region.
The Venus discovery and subsequent acquisitions underscore the Orange Basin’s emergence as a significant oil frontier, with QatarEnergy now positioned as a major stakeholder in Namibia’s promising offshore energy landscape.
