QatarEnergy to Acquire 25% Interest in Chevron's Namibia Offshore License

(Credit: QatarEnergy)

QatarEnergy has signed an agreement to acquire a 25% participating interest in an offshore exploration license in Namibia from a Chevron subsidiary, expanding its exploration interests in the country.

The agreement with Chevron Namibia Exploration II Limited covers Petroleum Exploration License 0082 (PEL82), comprising blocks 2112B and 2212A.

The transaction remains subject to customary regulatory approvals.

Upon completion, Chevron will retain a 55% participating interest and remain the operator, while Namcor E&P and Custos Energy will each hold a 10% interest.

PEL82 covers approximately 11,444 square kilometers offshore Namibia, in water depths ranging from 350 to 2,300 meters.

“We are pleased to further strengthen our relations with Chevron through this agreement, and to expand and diversify our footprint in Namibia,” said Saad Sherida Al-Kaabi, QatarEnergy's President and CEO and Qatar's Minister of State for Energy Affairs.

The companies will work with their partners to progress exploration activities under the license.