QatarEnergy acquires 25% stake in Namibia offshore oil licence

QatarEnergy has agreed to acquire a 25 per cent stake in an offshore oil exploration licence in Namibia, expanding its interests in the country’s petroleum sector to four exploration assets.

The state-owned energy company secured the interest in Petroleum Exploration Licence 0082 (PEL82) through an agreement with Chevron Namibia Exploration II Limited.

The deal, announced on November 9, is subject to regulatory approval, while the financial terms were not disclosed.

Under the proposed arrangement, Chevron will retain a 55 per cent stake and continue as the operator of the licence, while QatarEnergy will hold 25 per cent.

Namibia’s Namcor E&P and Custos Energy will each retain a 10 per cent interest.

PEL82 covers approximately 11,444 square kilometres across offshore blocks 2112B and 2212A, with water depths ranging from 350 metres to 2,300 metres.

QatarEnergy President and Chief Executive Officer, Saad Sherida Al-Kaabi, said the acquisition would strengthen the company’s partnership with Chevron and expand its presence in Namibia.

He also commended the Namibian authorities for their cooperation and support, expressing the partners’ commitment to advancing exploration activities.

Oil prices fall as Qatari-led talks boost hopes to end US-Iran war

Before the latest agreement, QatarEnergy held interests in three other Namibian offshore exploration licences involving Chevron and TotalEnergies.

Its largest disclosed interest is a 35.25 per cent stake in PEL56, operated by TotalEnergies, which hosts the Venus oil discovery.

The company also holds a 33.025 per cent interest in TotalEnergies-operated PEL91 and a 27.5 per cent stake in Chevron-operated PEL90.

The latest acquisition further strengthens QatarEnergy’s position in Namibia’s offshore petroleum industry, where international energy companies are expanding their exploration activities.