Namibia’s state-owned oil and gas company NAMCOR and multinational oil and gas company Qatar Energy have signed a cooperation agreement for oil and gas exploration and production as part of efforts to expand Namibia’s energy market.

The agreement was signed by Immanuel Mulunga, Managing Director of NAMCOR, and Khalid Mohammed Al-Hitmi, Executive Vice-President – Subsurface Development & Exploration, Qatar Energy, in the presence of H.E Saad Sherida Al-Kaabi, Minister of State for Energy Affairs, Qatar and H.E. Tom Alweendo, Minister of Mines and Energy, Namibia.

Qatar Energy and NAMCOR will co-develop a sustainable upstream oil and gas sector, increase exploration activities, improve production infrastructure development and up-skill the workforce in line with changing business models within the oil and gas sector across Namibia.

The two firms will also collaborate to create new investment opportunities across the oil and gas value chain.

Namibia has an estimated 11 billion barrels of oil and 2.2 trillion cubic feet of natural gas. A number of international companies and investors have recently entered the market leading to significant discoveries. Now, backed by the cooperation agreement, both NAMCOR and Qatar Energy will work collaboratively to develop the country’s significant resources.