NAMCOR Exploration and Production has entered into an agreement with Qatari oil and gas giant QatarEnergy on the heels of two recent oil discoveries in the country where both companies hold interests.
NAMCOR E&P is a subsidiary of the National Petroleum Corporation of Namibia (NAMCOR).
Under the agreement signed early this month in Doha, the two companies agreed to partner on investment opportunities of mutual interest in Namibia’s upstream oil and gas sector.
The agreement also provides the framework for cooperation between the two companies to support and develop a sustainable upstream oil and gas sector in Namibia.
It also includes the provision of opportunities for the training and development of NAMCOR employees in industry-based skills.
NAMCOR Managing Director Immanuel Mulunga and Khalid Mohammed Al-Hitmi, the Executive Vice President – Subsurface Development & Exploration of QatarEnergy signed the agreement on behalf of their respective companies.
Mines minister Tom Alweendo and Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President & CEO of QatarEnergy witnessed the signing of the agreement.
Both companies are partners in recent oil discoveries made in Namibia’s waters, first by Shell and later by TotalEnergies.
Shell’s Graff-1 well is located in Block 2913A in the Orange Basin where Shell is the operator and its partners are QatarEnergy and NAMCOR. QatarEnergy became Shell’s partner in two exploration blocks offshore Namibia, Block 2913A and Block 2914B, in April 2021.
TotalEnergies’ Venus-1X well is located in Block 2913B and it covers approximately 8,215 km² in deep offshore Namibia. TotalEnergies is the operator with a 40% working interest, alongside QatarEnergy (30%), Impact Oil and Gas (20%), and NAMCOR (10%).
Namcor has already ruled out plans to ask the Ministry of Mines to increase its current 10% equity held in all exploration activities taking place in the country, including the two recent oil finds.
