QatarEnergy Expands Global Presence with Offshore Namibia Acquisition

QatarEnergy, a state-owned energy company from Qatar, is making significant strides in expanding its global presence. Recently, the company entered into a new agreement with TotalEnergies, a major player in the energy sector, to increase its ownership stakes in two offshore blocks located in Namibia’s Orange Basin. This move is part of QatarEnergy's strategy to enhance its portfolio and strengthen its position in the international energy market.

Under the terms of the new deal, QatarEnergy will acquire an additional 5.25 percent interest in block 2913B and an additional 4.7 percent interest in block 2912. Once these acquisitions are finalized, QatarEnergy's total share in these licenses will increase to 35.25 percent in block 2913B and 33.025 percent in block 2912. This expansion is subject to customary approvals, which are standard in the industry.

Saad Sherida Al-Kaabi, who serves as Qatar’s minister of state for energy affairs and the CEO of QatarEnergy, expressed his enthusiasm about this development. He stated, “We are pleased to expand QatarEnergy’s footprint in Namibia’s upstream sector. This agreement marks another important step in working collaboratively with our partners toward the development of the Venus discovery located on block 2913B.” This statement underscores the collaborative nature of the energy sector, where partnerships are crucial for success.

TotalEnergies, the operator of both offshore blocks, will maintain a significant stake, holding 45.25 percent in block 2913B and 42.475 percent in block 2912. Other partners in this venture include Impact Oil & Gas, which holds 9.5 percent in both blocks, and the National Petroleum Corp. of Namibia, which owns 10 percent in block 2913B and 15 percent in block 2912. The blocks are situated approximately 300 kilometers off the coast of Namibia, in water depths ranging from 2,600 to 3,800 meters, and they host the promising Venus discovery, which has garnered considerable attention as a significant find that could shape Namibia’s energy future.

This offshore acquisition aligns with QatarEnergy’s recent ventures into renewable energy. In October, the company announced a 50 percent stake in TotalEnergies’ 1.25-gigawatt solar project in Iraq. This initiative is part of Iraq’s ambitious $27 billion Gas Growth Integrated Project, which aims to enhance the country’s energy self-sufficiency by reducing its reliance on electricity imports and minimizing environmental impacts. The solar project is set to deploy 2 million bifacial solar panels, generating up to 1.25 GW of renewable energy at peak capacity, enough to supply electricity to approximately 350,000 homes in Iraq’s Basra region.

QatarEnergy’s dual focus on traditional fossil fuels and renewable energy reflects a strategic approach to meeting global energy demands while addressing sustainability concerns. By investing in both offshore oil and gas projects in Namibia and renewable energy initiatives in Iraq, QatarEnergy is building a well-rounded portfolio that positions it favorably in the evolving energy landscape. This balanced approach not only enhances its market presence but also contributes to a more sustainable energy future.

QatarEnergy's recent agreements signify a robust commitment to expanding its global footprint while embracing the transition towards renewable energy. As the world increasingly shifts towards sustainable energy solutions, QatarEnergy's strategic investments in both traditional and renewable sectors may serve as a model for other energy companies aiming to navigate the complexities of the modern energy landscape.