The World Bank reported Qatar’s 2022 GDP growth of 4.9% against a backdrop of slow global GDP increase of 2.9%.
QatarEnergy wants to expedite the development of two oil wells that the state-owned corporation and its joint venture partners found earlier this year off the coast of Namibia, the oil giant’s CEO and Qatar’s Energy Minister Saad Sherida Al Kaabi said on Monday.
Al Kaabi did not indicate when the two oil discoveries will begin production, rather that drilling activity is anticipated for 2023 to have a better understanding of deliverability and capacity.
QatarEnergy owns a 30% interest in the Venus X1 while the field’s operator TotalEnergies possesses 40%, Impact Oil and Gas has 20% and Namibia’s state-owned NAMCOR has 10%.
Shell Plc, QatarEnergy, and NAMCOR each control 45% of the Graff-1 well, with the remaining 10% owned by NAMCOR.
The discoveries may enable Namibia, OPEC member Angola’s southern neighbour, to join Angola as an oil producer along the continent’s Atlantic coast.
The findings are likely in the billions of barrels, according to Namibia’s mines and energy minister, who stated in September that the companies have not yet disclosed the quantities found.
“We are trying to expedite that as fast as possible to ensure we can get the development finalised,” Al Kaabi told reporters in Windhoek during a visit to the southern African nation, according to Reuters.
“These development always take years to develop, it’s not something that can be done very fast and this is deep offshore development, so it has its complications.”
Tom Alweendo, the minister of energy for Namibia, stated at an oil conference last month in Dakar that the joint venture partners may begin production in four years.