Qatar Petroleum to farm into Namibia blocks
Adding to its international exploration program, Qatar Petroleum signed a deal with Total to acquire interests in two blocks offshore Namibia. Total will transfer to QP a 30% interest in Block 2913B and a 28.33% interest in Block 2912.
Adding to its international exploration program, Qatar Petroleum signed an agreement with Total SA to acquire interests in two blocks offshore Namibia.
Total will transfer to QP a 30% interest in Block 2913B, retaining a 40% interest for itself. Total also will transfer to QP a 28.33% interest in Block 2912 and retain 37.78%. The deepwater blocks are in the Orange basin offshore Namibia. Partners in the block are Impact Oil 20% and Namcor 10%.
A first exploration well is scheduled to be drilled in first-half 2020.
QP also will hold a 28.33% participating interest in Block 2912, with Total, as operator, holding a 37.78% participating interest. Partners are Impact Oil 18.89% and Namcor 15%.
Blocks 2913B and 2912 sit next to one another. Block 2913B lies in 2,600-3,300 m of water with an area of about 8,215 sq km, while Block 2912 lies in 3,300-3,800 m of water with an area of about 7,813 sq km.
The farmin follows the company’s entries this year into Guyana, Kenya, and Morocco, having already entered Argentina, Brazil, Mexico, Mozambique, and South Africa in 2018, Vikesh Mistry, senior analyst at Westwood Global Energy Group said in an Aug. 27 press statement (OGJ Online, July 29, 2019; July 23, 2019; Mar. 11, 2019; Feb. 7, 2019; June 4, 2018; Feb. 3, 2018).
QP’s international exploration program is off to an impressive start, Mistry said, with three commercial discoveries in South Africa, Cyprus, and Guyana from its first four wells this year.
“QP has used its cash and its relationships to access attractive acreage with competent operators. The company is set to be the most active international high-impact [national oil company] explorer through the end of 2021, participating in up to 20 wells at a level comparable to that of the supermajors. It will be interesting to see whether QP’s early success—combined with CNOOC’s achievements offshore Guyana—will spur other NOCs with deep pockets to become active international explorers,” Mistry said.