Canadian oil and gas company Sintana Energy has made a significant move in the African energy sector by signing a definitive agreement with Namibian firm Crown Energy for the acquisition of a majority stake in Giraffe Energy Investments, owner of a 33% share in PEL 79 in Namibia’s Orange Basin. This transaction not only marks a strategic investment for Sintana Energy but also highlights a commitment to community development and local participation in the oil and gas industry.
The African Energy Chamber (AEC) has praised the equity contribution facilitated by the Knowledge Katti Foundation, which will see a portion of Giraffe’s common equity being contributed towards a community trust. This initiative is expected to unlock benefits for local communities in Namibia and increase their participation in the industry. The AEC sees this as a positive step towards maximizing the potential of Namibia’s deepwater acreage and setting an example for other energy companies operating in the country.
Knowledge Katti, Founder of the foundation and Director of Sintana Energy, emphasized the importance of empowering local communities and ensuring they benefit from the oil and gas industry. Through this transaction, Sintana Energy is not only expanding its operational capabilities but also demonstrating a commitment to driving the industry forward in partnership with local stakeholders.
With the support of Quantum Xploration and Namibia’s national oil company NAMCOR, Sintana Energy is poised to explore and develop PEL 79 in Namibia’s Orange Basin. This strategic partnership and equity contribution highlight a new approach to community involvement and empowerment in the oil and gas sector, setting a benchmark for future projects in the region.