QatarEnergy has agreed to acquire a 25% participating interest in an offshore oil and gas exploration licence in Namibia from a subsidiary of US energy giant Chevron, expanding its presence in the southern African country’s promising petroleum sector.
The agreement covers Petroleum Exploration Licence 0082 (PEL 82), comprising blocks 2112B and 2212A in the Walvis Basin. The transaction will reduce Chevron’s stake from 80% to 55%, although the US company will retain operatorship of the licence.
Following completion, QatarEnergy will hold a 25% interest, while Namcor E&P, the exploration and production subsidiary of the National Petroleum Corporation of Namibia, and independent Namibian exploration company Custos Energy will each retain their existing 10% stakes.
The financial terms of the transaction were not disclosed. Completion remains subject to customary regulatory approvals.
Walvis Basin attracts major energy players
PEL 82 covers approximately 11,444 square kilometres offshore Namibia, with water depths ranging from 350 to 2,300 metres.
Seismic data has been acquired across approximately 70% of the licence area, while two exploration wells, Wingat-1 and Murombe-1, have previously been drilled within the blocks.
Custos Energy Chairman and CEO Knowledge Katti welcomed QatarEnergy’s entry into the licence, describing the agreement as a strong endorsement of the Walvis Basin’s exploration potential.
“We welcome QatarEnergy as a partner in PEL 82. Chevron’s decision to bring a second world-class energy company into the license is a strong endorsement of the Walvis Basin, which we have long regarded as one of the most interesting opportunities offshore Namibia outside of the Orange Basin,” Katti said.
In a statement, QatarEnergy President and CEO Saad Sherida Al-Kaabi, who also serves as Qatar’s Minister of State for Energy Affairs, said the agreement would further strengthen the company’s relationship with Chevron and broaden its international exploration portfolio.
“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.
He also hailed Namibian authorities for their cooperation and support, expressing QatarEnergy’s readiness to work with its partners to advance exploration activities and achieve positive results for all stakeholders.
QatarEnergy expands its African energy portfolio
The agreement adds to QatarEnergy’s growing presence in Namibia, where it already holds interests in other offshore exploration licences alongside international energy companies.
The latest move also reflects the Qatari company’s broader efforts to diversify its international upstream portfolio and strengthen partnerships with major energy producers.
Last month, QatarEnergy signed long-term sale and purchase agreements with US-based Cheniere Energy for the supply of a combined four million tonnes of liquefied natural gas (LNG) annually through to 2054.
Namibia has attracted growing attention from international energy companies following a series of offshore discoveries, particularly in the Orange Basin. The country’s offshore acreage has become an increasingly important destination for exploration investment as global producers seek new oil and gas resources.
