QatarEnergy adds fifth licence

Expansion
QatarEnergy expands Namibia portfolio to five licences
Wonder Guchu
  • 1 Hour Ago

QatarEnergy is set to expand its Namibian offshore exploration portfolio to five petroleum licences, covering approximately 45,444 square kilometres, following an agreement to acquire a 25% interest in Chevron-operated Petroleum Exploration Licence 82 (PEL 82).

The agreement, announced on 9 November, will add 11,444 square kilometres in the Walvis Basin to the Qatari state-owned energy company's existing interests in four Orange Basin licences.

The transaction remains subject to regulatory approval.

Under the agreement, Chevron Namibia Exploration II Limited will retain a 55% participating interest and continue as operator of PEL 82. QatarEnergy will acquire 25%, while Namibia's national oil company, NAMCOR, through Namcor E&P, and Custos Energy will each retain 10%.

The licence covers blocks 2112B and 2212A, with water depths ranging from 350 to 2,300 metres.

QatarEnergy's existing interests comprise a 45% stake in Shell-operated PEL 39, 35.25% in TotalEnergies-operated PEL 56, approximately 33.03% in PEL 91, also operated by TotalEnergies, and 27.5% in Chevron-operated PEL 90.

Its interests provide exposure to several of Namibia's offshore exploration prospects and discoveries, including Graff, Jonker and Merlin in PEL 39, and Venus in PEL 56.

The latest acquisition also marks QatarEnergy's second exploration partnership with Chevron in Namibia, following its entry into PEL 90 in December 2024.

QatarEnergy president and chief executive Saad Sherida Al-Kaabi, who is also Qatar's Minister of State for Energy Affairs, said the agreement would strengthen the company's relationship with Chevron and diversify 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. We would like to thank the Namibian authorities for their cooperation and support, and we look forward to working with our partners to progress exploration activities and achieve positive results for the benefit of all stakeholders,” he said.

The transaction will increase QatarEnergy's combined gross licence acreage in Namibia from approximately 34,000 to 45,444 square kilometres.