WINDHOEK, Nov 9 – QatarEnergy has agreed to acquire a 25% interest in an offshore oil exploration license in Namibia from a subsidiary of Chevron, expanding its presence in the southern African country’s growing exploration sector.
The transaction covers Petroleum Exploration License 82 (PEL82), which includes blocks 2112B and 2212A, according to a statement issued by QatarEnergy on Monday and carried by the Qatar News Agency.
Under the proposed ownership structure, Chevron will retain a 55% interest and continue as operator, while Namibia’s national oil company, NAMCOR, and Custos Energy will each hold 10%.
The exploration area covers approximately 11,444 square kilometres offshore Namibia, with water depths ranging from 350 metres to 2,300 metres.
QatarEnergy President and Chief Executive Saad bin Sherida Al-Kaabi, who also serves as Qatar’s Minister of State for Energy Affairs, said the agreement would strengthen the company’s partnership with Chevron and expand its exploration portfolio in Namibia.
He said QatarEnergy looked forward to working with its partners to advance exploration activities in the licence area.
The acquisition adds to QatarEnergy’s existing interests in several offshore Namibian blocks, where it has partnered with international energy companies including TotalEnergies and Shell. The latest transaction further positions the company within Namibia’s offshore exploration market as international operators pursue opportunities in the country’s sedimentary basins.
For Chevron, the agreement maintains majority ownership and operatorship while bringing another international partner into the exploration licence. NAMCOR’s 10% interest also preserves direct participation by Namibia’s national oil company in the project.
QatarEnergy expands African exploration portfolio
The Namibia transaction forms part of QatarEnergy’s broader strategy to expand its international exploration activities through partnerships with established operators and national oil companies.
In September, QatarEnergy, Shell and Angola’s Sonangol signed a preliminary agreement with Angola’s National Oil, Gas and Biofuels Agency covering exploration contracts for offshore blocks 8 and 22.
The company’s expanding African portfolio reflects its efforts to diversify its international upstream interests through participation in exploration projects across the continent.
QatarEnergy, formerly known as Qatar Petroleum, is also responsible for developing Qatar’s North Field, the world’s largest non-associated natural gas reservoir. Its domestic operations and international investments position the company across both major natural gas developments and overseas oil and gas exploration.
The financial terms of the Namibia transaction and its expected completion date were not disclosed.
