Qatar Petroleum Signs Agreements to Enter Exploration Blocks in Namibia

Doha, August 27 (QNA) - Qatar Petroleum (QP) has entered into agreements with French energy giant Total for a share of exploration and production rights in two blocks offshore the Republic of Namibia. Under the agreements, which are subject to customary regulatory approvals by the government of Namibia and approvals by the partners in the blocks, Qatar Petroleum will hold a 30% participating interest in Block 2913B, with Total (the Operator) holding a 40% participating interest. The other partners in the block are Impact Oil (20%), and Namcor (10%) A first exploration well is scheduled to be drilled in the first half of next year. Also under the agreements, Qatar Petroleum will hold a 28.33% participating interest in Block 2912, with Total (the Operator) holding a 37.78% participating interest. The other partners in the block are Impact Oil (18.89%) and Namcor (15%). Commenting on the agreements, HE Minister of State for Energy Affairs, and Managing Director and CEO of Qatar Petroleum Saad bin Sherida Al Kaabi said: "We are pleased to expand our global exploration activities into Namibia, which further strengthens our presence in Africa. Working on these prospective frontier blocks with our valuable long-term partner, Total, will give another boost to our efforts towards implementing our international growth strategy." His Excellency Minister Al Kaabi added: "We look forward to working together with the Namibian Government and with our partners in these blocks to achieve positive results that meet the interests of all parties." Blocks 2913B and 2912 sit adjacent to one another offshore Namibia. Block 2913B is 2,600-3,300 meters deep with an area of about 8,215 square kilometers, while Block 2912 is 3,300-3,800 meters deep with an area of about 7,813 square kilometers. (QNA)