Doha:QatarEnergy has announced an agreement to acquire a significant participating interest in an offshore exploration block located in the Republic of Namibia. This acquisition involves purchasing a 25% stake in Petroleum Exploration Licence 0082 (PEL82) from Chevron Namibia Exploration II Limited, a subsidiary of Chevron.

According to Marhaba, the transaction is subject to customary regulatory approvals. Upon completion, Chevron will continue to be the operator of the block with a 55% interest, while Namcor E and P and Custos Energy will each retain a 10% interest in the exploration licence.

HE Mr Saad Sherida Al Kaabi, Minister of State for Energy Affairs and President and CEO of QatarEnergy, expressed contentment with the strengthened relations with Chevron through this agreement. He emphasized the expansion and diversification of QatarEnergy’s presence in Namibia and extended gratitude to the Namibian authorities for their cooperation and support. The exploration licence PEL82, which includes blocks 2112B and 2212A, covers an expanse of approximately 11,444 square kilometers offshore Namibia, with water depths ranging from 350 to 2,300 meters.