State-owned LNG giant Qatar Petroleum said Tuesday it entered into an agreement with Shell to become a partner in two exploration blocks offshore Namibia.
Under the deal, QP would hold a 45% participating interest in the PEL 39 exploration license pertaining to Block 2913A and Block 2914B, it said in a statement.
Shell, the operator, will hold a 45% interest, and the National Petroleum Corporation of Namibia (NAMCOR) will hold the remaining 10% interest.
The PEL 39 blocks are located offshore Namibia in ultra-deep-water depths of about 2,500 m, covering an area of about 12,300 km2, according to QP.
In addition, this marks QP’s second exploration license in Namibia. In August 2019, the firm entered into agreements for participating in blocks 2913B and 2912 offshore Namibia.
Qatar’s energy minister and chief executive of QP, Saad Sherida Al-Kaabi, said the move expands the company’s exploration footprint in the country and further strengthens its 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,” he said.
The deal is subject to customary approvals.