QatarEnergy Takes 25% Stake in Chevron-Operated Offshore Exploration Licence

QatarEnergy has has agreed to acquire a 25% participating interest in Namibia’s offshore Petroleum Exploration Licence 82 (PEL 82) from Chevron Namibia Exploration II Limited, a subsidiary of Chevron, in a deal announced on Monday to expand its presence in Namibia’s oil exploration sector.

The agreement covers PEL 82, which comprises offshore blocks 2112B and 2212A. Once the transaction receives the required regulatory approvals and is completed, Chevron will remain the operator with a 55% participating interest, while QatarEnergy will take up a 25% stake in the exploration licence.

In addition, Namcor Exploration and Production (Namcor E&P) and Custos Energy will retain their respective 10% interests, maintaining their participation in the offshore exploration partnership.

QatarEnergy's Minister of State for Energy Affairs, President and Chief Executive Officer, Saad Al-Kaabi, said the agreement would strengthen the company's relationship with Chevron and expand its presence in Namibia.

“We are pleased to further strengthen our relations with Chevron through this agreement, and to expand and diversify our footprint in Namibia,” Al-Kaabi said.

Al-Kaabi said QatarEnergy would work with its partners to advance exploration activities under the licence and pursue positive results for all stakeholders.

PEL 82 covers approximately 11,444 square kilometres offshore Namibia, with water depths ranging from 350 to 2,300 metres.

The transaction remains subject to regulatory approvals and once completed, QatarEnergy will join Chevron, Namcor E&P and Custos Energy as a partner in the exploration licence.