Sintana Energy welcomes QatarEnergy’s entry into Orange Basin joint venture
Published: 08:33 17 Dec 2024 EST
Sintana Energy Inc (TSX-V:SEI, OTCQB:SEUSF) announced that QatarEnergy has acquired a 27.5% working interest in Petroleum Exploration License 90 (PEL 90), which is operated by Chevron Harmattan, a subsidiary of Chevron Corporation (NYSE:CVX, ETR:CHV).
This acquisition brings the ownership of the license to 52.5% Chevron Harmattan, 27.5% QatarEnergy, 10% National Petroleum Corporation of Namibia (NAMCOR), and 10% Trago Energy, a subsidiary of Custos Energy. Sintana holds a 49% indirect interest in Custos.
“The entry of QatarEnergy into PEL 90 provides further evidence of the quality and potential of our portfolio at the heart of the Orange Basin,” Sintana CEO Robert Bose said in a statement.
“We look forward to the initial drilling campaign on PEL 90 to commence over the next few weeks.”
PEL 90, located about 200 kilometers offshore in Namibia’s Orange Basin, covers an area of 5,433 square kilometers in water depths of 2,400 to 3,300 meters.
This area is close to significant discoveries, including TotalEnergies SE (NYSE:TOT, EPA:TTE)' Venus discovery, where QatarEnergy is also increasing its stake.
As part of the exploration campaign, a semi-submersible rig, Deepsea Bollsta, has been contracted to drill the Kapana-1X well in the second half of December 2024.
