QatarEnergy has signed an agreement to acquire a 25% stake in offshore exploration licence PEL82 in Namibia from Chevron Namibia Exploration II, a subsidiary of Chevron. Completion of the transaction remains subject to customary regulatory approvals.

The agreement covers blocks 2112B and 2212A. Upon closing, Chevron will retain its position as operator with a 55% interest, while Namcor E&P and Custos Energy will each hold 10%.

The licence covers an area of approximately 11,444 square kilometres off the Namibian coast, in water depths ranging from 350 to 2,300 metres.

Saad Al-Kaabi, Qatar’s Minister of State for Energy Affairs and President and Chief Executive of QatarEnergy, said the deal strengthens the company’s relationship with Chevron and broadens its footprint in Namibia.

“We are pleased to further strengthen our relationship with Chevron through this agreement and to expand and diversify our presence in Namibia,” Al-Kaabi said.

Al-Kaabi also thanked Namibian authorities for their cooperation and support, expressing confidence that the partners would advance exploration activities and deliver positive results for all parties involved.