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QatarEnergy said in a statement that it entered into an agreement to acquire a participating interest in an offshore exploration block in the Republic of Namibia from Chevron Namibia Exploration II Limited, a subsidiary of Chevron. Under the terms of the agreement, which is subject to customary regulatory approvals, QatarEnergy will acquire a 25 percent interest in Petroleum Exploration License 0082 comprising blocks 2112B and 2212A. The statement was distributed by the Qatar News Agency on November 9.
Upon completion of the transaction, Chevron will retain operatorship with a 55 percent interest while Namcor E&P and Custos Energy will each hold 10 percent, the company stated. This allocation maintains full ownership across the partnership. The acquisition adds to several upstream positions QatarEnergy has established in Namibian waters over recent years.
His Excellency Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs and the president and CEO of QatarEnergy, commented on the development. “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,” Al-Kaabi said in the statement.
The PEL82 exploration license covers an area of approximately 11,444 square kilometers offshore Namibia in water depths ranging from 350 to 2,300 meters, according to the QatarEnergy announcement. The block lies in a frontier region that has seen limited prior drilling. Exploration activities are expected to advance following completion of the ownership transfer.
This step extends QatarEnergy’s involvement in Namibia, where the company has secured interests across multiple licenses in recent years. A November 2024 statement from the company detailed additional acquisitions in blocks 2913B and 2912 in the Orange Basin that raised its stakes to 35.25 percent and 33.025 percent respectively in partnership with TotalEnergies as operator. Those blocks are located about 300 kilometers offshore in water depths between 2,600 and 3,800 meters.
Namibia’s offshore sector has recorded notable discoveries that have elevated its profile among international operators, according to assessments by energy industry analysts. The National Petroleum Corporation of Namibia has partnered in several such licenses to promote resource development. QatarEnergy’s accumulating positions now span different basins, including areas near the Venus discovery that have featured in prior corporate updates.
