Total in Asset Transfer Deals With Qatar Petroleum
The state-owned Qatar Petroleum and France's Total have signed exploration and production agreements for two offshore blocks in Namibia, QP announced Tuesday.
QP will take a 30% interest in oil block 2913B, while Total will take a 40% interest and will operate the block, Reuters reported.
Impact Oil and Namcor are also partners on the block, with 20% and 10% stakes respectively. The partners are to drill the first exploration well in the first half of 2020.
Block 2913B is located 150 km west of the offshore Kudu gas field, and block 2912 is west of block 21913B.
Namibia has been attempting to monetize reserves from the field for years, with the planned Kudu gas-to-power project, but the energy minister said earlier this year that he had concerns over the project's viability.
Kudu is expected to hold around 3.3 trillion cubic feet of recoverable reserves.
On block 2912, QP will hold a 28.33% interest, while Total will take a 37.78% interest and operate the block. Impact Oil and Namcor are also partners on the block, with 18.89% and 15% stakes respectively.
"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," Saad al-Kaabi said, CEO of QP and minister of state for energy affairs in Qatar.
source: Financial Tribune
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