QatarEnergy has agreed to acquire a 25% participating interest in Petroleum Exploration License 0082 (PEL82), an offshore exploration block in Namibia’s Walvis Basin, from Chevron subsidiary Chevron Namibia Exploration II Limited.
PEL82 covers blocks 2112B and 2212A across approximately 11,444 square kilometers of offshore territory, in water depths ranging from 350 to 2,300 meters. Once completed, Chevron will remain operator with a 55% interest, reduced from 80%, while QatarEnergy will hold 25%. Namibia’s national oil company, NAMCOR, and Custos Energy will each retain 10%, according to QatarEnergy.
The agreement deepens QatarEnergy’s partnership with Chevron, which already participates alongside the Qatari company in the neighboring PEL90 license.
QatarEnergy President and CEO Saad Sherida Al-Kaabi, who is also Qatar’s Minister of State for Energy Affairs, said the deal would expand and diversify the company’s footprint in Namibia.
Custos Energy, which holds its PEL82 interest indirectly through Sintana Energy, welcomed QatarEnergy’s entry. Sintana retains a 4.9% indirect interest through its 49% stake in Custos.
Existing seismic data cover about 70% of the license area, while previous drilling includes the Wingat-1 and Murombe-1 wells.
The move forms part of QatarEnergy’s broader international upstream expansion. In September, QatarEnergy, Shell and Sonangol signed an agreement with Angola’s National Agency for Oil, Gas and Biofuels covering offshore Blocks 8 and 22, under which QatarEnergy would take a 30% working interest, Shell 50% and Sonangol 20%.
