Description of Activities

Description of transaction: The Commission resolved to approve without conditions the acquisition by QatarEnergy International E&P LLC of participating interest in the rights and obligations under Petroleum Exploration License Number 0090 (“PEL 90”) issued by the Petroleum Commissioner of Namibia, the Petroleum agreement and joint operation agreement.

Acquiring group: The primary acquiring undertaking, QatarEnergy International E&P LLC, is a wholly owned subsidiary of QatarEnergy International, which in turn is owned by QatarEnergy. The acquiring group is involved in the upstream oil and gas business but has no turnover in Namibia.

Target undertaking: The primary target undertaking, PEL 90, in which Harmattan Energy Limited currently holds the majority of the participation interests issued thereunder.

Relevant market: Defined as the market for the exploration of crude oil and natural gas in Namibia. 

Merger Determination

The Commission found the proposed transaction unlikely to result in the prevention or substantial lessening of competition or result in any undertaking to acquire or strengthen a dominant position in the market and did not raise any public interest concerns.

However, as stated under section 50 of the Act, this approval does not relieve parties from complying with any other mandatory statutory approvals that any of the parties to this merger must comply with under Namibian laws.