Namibia looking to learn from oil-rich Qatar
Mines minister Tom Alweendo says Namibia stands to benefit immensely from Qatar Energy’s involvement in two recently discovered oil wells in the south of the country.
He made the comments following a visit by the Qatari minister of energy to State House this week to meet President Hage Geingob.
Qatar is involved in the Graff-1 and Venus wells as an equity partner through its national oil company, Qatar Energy.
“We are looking forward to learn from some of the experiences. It is a new industry for us,” Alweendo said.
Qatar’s involvement as an investor and country was another significant factor to ensure Namibia would derive good benefit from its recently discovered oil riches, the minister added.
Qatar Energy owns a 30% stake in the Venus well and a 45% stake in the Graff-1 well while the National Petroleum Corporation of Namibia (Namcor) is a 10% shareholder in both finds.
Shell is the other equity partner in Graff-1, while TotalEnergies is a 45% equity partner in Venus.
State partner a boon
“Having a partner like yourself [Qatar] who is not only an investor but a state, certainly I think we are going to learn [from] good experiences that are going to be monetised to make sure it becomes meaningful to the people and the Namibian economy,” Alweendo said.
Qatari minister Saad bin Sherida Al Kaabi was impressed by the regulatory environment in Namibia, saying it would steer the country well going forward as far as the discovery of oil was concerned.
“Having institutions and making sure the sanctity of contracts is in place and making sure that everything [is done] through institutions and not individuals, [this] is the way to go.
“And I think what you are doing in Namibia through your president’s direction is a very professional set-up,” he said.
With its equity partners, Qatar Energy will expedite the development of the oil finds in the fastest possible manner, he added, starting with further drilling next year.
“We need to drill additional wells, which will happen next year, and these wells will give us a better understanding of the deliverability.”
In an interview with Bloomberg earlier this year, Namcor board chairperson Jennifer Comalie said the oil finds could add as much as US$5.6 billion (about N$100.35 billion) to the economy.
Namibia plans to reach production by 2028.
He made the comments following a visit by the Qatari minister of energy to State House this week to meet President Hage Geingob.
Qatar is involved in the Graff-1 and Venus wells as an equity partner through its national oil company, Qatar Energy.
“We are looking forward to learn from some of the experiences. It is a new industry for us,” Alweendo said.
Qatar’s involvement as an investor and country was another significant factor to ensure Namibia would derive good benefit from its recently discovered oil riches, the minister added.
Qatar Energy owns a 30% stake in the Venus well and a 45% stake in the Graff-1 well while the National Petroleum Corporation of Namibia (Namcor) is a 10% shareholder in both finds.
Shell is the other equity partner in Graff-1, while TotalEnergies is a 45% equity partner in Venus.
State partner a boon
“Having a partner like yourself [Qatar] who is not only an investor but a state, certainly I think we are going to learn [from] good experiences that are going to be monetised to make sure it becomes meaningful to the people and the Namibian economy,” Alweendo said.
Qatari minister Saad bin Sherida Al Kaabi was impressed by the regulatory environment in Namibia, saying it would steer the country well going forward as far as the discovery of oil was concerned.
“Having institutions and making sure the sanctity of contracts is in place and making sure that everything [is done] through institutions and not individuals, [this] is the way to go.
“And I think what you are doing in Namibia through your president’s direction is a very professional set-up,” he said.
With its equity partners, Qatar Energy will expedite the development of the oil finds in the fastest possible manner, he added, starting with further drilling next year.
“We need to drill additional wells, which will happen next year, and these wells will give us a better understanding of the deliverability.”
In an interview with Bloomberg earlier this year, Namcor board chairperson Jennifer Comalie said the oil finds could add as much as US$5.6 billion (about N$100.35 billion) to the economy.
Namibia plans to reach production by 2028.
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