Qatar’s state-owned oil & gas firm QatarEnergy has entered into an agreement with Chevron's Namibian subsidiary for the acquisition of a participating interest in an offshore exploration block in the Republic of Namibia.
Subject to customary regulatory approvals, the agreement will see QatarEnergy acquire a 25% interest in Petroleum Exploration License 0082 (PEL82), comprising blocks 2112B and 2212A, from Chevron Namibia Exploration II Limited.
Upon completion of the transaction, Chevron, as the operator, will hold a 55% interest, while Namcor E&P and Custos Energy will each hold a 10% interest.
The PEL82 exploration license covers an area of approximately 11,444 square kilometers, in water depths ranging from 350 to 2,300 meters.
Saad Sherida Al-Kaabi, Minister of State for Energy Affairs, President and CEO of QatarEnergy, said: “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.”