QatarEnergy (QE) has signed up to support Namcor, following two high-profile discoveries in the Southern African state.
Namcor managing director Immanuel Mulunga signed the co-operation agreement with QE vice president of subsurface development and exploration Khalid Mohammed Al-Hitmi.
Under the agreement, QE will help support and develop Namcor’s works to create an upstream industry in Namibia. This includes training and development of Namcor employees, QE said.
QE president and CEO, and Qatari Minister of State for Energy Affairs, Saad Sherida Al-Kaabi witnessed the signing, with his Namibian counterpart Tom Alweendo.
The Qatari company is involved in the two recent high-profile discoveries in Namibia’s southern Orange Basin.
It has a 30% stake in the TotalEnergies-operated block holding Venus, and 45% in the Shell-operated block with Graff. Speculation around Venus has suggested resources of 1.5 billion barrels to as much as 3bn barrels. Graff may hold 300-400 million barrels.
QE said it and Namcor had also agreed to “work together on investment opportunities of mutual interest in Namibia’s upstream oil and gas sector”.
There has been a flurry of interest in Namibia following the two finds.
London-listed Global Petroleum drew analogies from Total’s Venus find to prospects in its own licence, PEL 94, off northern Namibia.
Harmattan Energy, also in February, upped its stake in PEL 90. This covers Block 2813B, adjacent to the block holding Venus. The company said PEL 90 has similarities with Shell’s Graff well, based on deepwater channel-fan complexes.