QatarEnergy Expands Namibia Portfolio to Five Offshore Licences

QatarEnergy has expanded its presence in Namibia's offshore exploration sector by acquiring a 25% interest in Chevron-operated Petroleum Exploration Licence 82 (PEL 82). The agreement, announced on 9 November, adds 11,444 square kilometres in the Walvis Basin to the Qatari state-owned energy company's existing interests. This development brings QatarEnergy's total offshore licences in Namibia to five, covering approximately 45,444 square kilometres. The transaction is subject to regulatory approval.

The licence covers blocks 2112B and 2212A, with water depths ranging from 350 to 2,300 metres. Under the agreement, Chevron Namibia Exploration II Limited will retain a 55% participating interest and continue as operator of PEL 82. QatarEnergy will acquire 25%, while Namibia's national oil company, NAMCOR, through Namcor E&P, and Custos Energy will each retain 10%. This partnership marks QatarEnergy's second exploration collaboration with Chevron in Namibia.

QatarEnergy's existing interests in Namibia comprise a 45% stake in Shell-operated PEL 39, 35.25% in TotalEnergies-operated PEL 56, approximately 33.03% in PEL 91, also operated by TotalEnergies, and 27.5% in Chevron-operated PEL 90. These interests provide exposure to several of Namibia's offshore exploration prospects and discoveries, including Graff, Jonker and Merlin in PEL 39, and Venus in PEL 56.

The acquisition strengthens QatarEnergy's relationship with Chevron and diversifies its presence in Namibia. QatarEnergy president and chief executive Saad Sherida Al-Kaabi, who is also Qatar's Minister of State for Energy Affairs, expressed his satisfaction with the agreement. He thanked the Namibian authorities for their cooperation and support, and looked forward to working with partners to progress exploration activities.

The transaction increases QatarEnergy's combined gross licence acreage in Namibia from approximately 34,000 to 45,444 square kilometres. This expansion solidifies QatarEnergy's position in Namibia's offshore exploration sector. The company is committed to working with its partners to achieve positive results for all stakeholders.

The Namibian authorities have shown support for QatarEnergy's expansion in the country. The agreement is a significant development in QatarEnergy's strategy to diversify its presence in Africa. The company is expected to play a major role in Namibia's offshore exploration sector in the coming years.

Key developments in QatarEnergy's Namibia portfolio include its entry into PEL 90 in December 2024 and the acquisition of a 25% interest in PEL 82. The company's interests in Namibia provide exposure to several offshore exploration prospects and discoveries.

Key points

• QatarEnergy expands its Namibia portfolio to five offshore licences, covering approximately 45,444 square kilometres.
• The acquisition marks QatarEnergy's second exploration partnership with Chevron in Namibia.
• The transaction increases QatarEnergy's combined gross licence acreage in Namibia from approximately 34,000 to 45,444 square kilometres.