QatarEnergy acquires 25% interest in Namibian offshore exploration license
QatarEnergy 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 Chevr...
QatarEnergy has entered into an agreement to acquire a 25% stake in an offshore exploration license in Namibia, according to a statement from the company. The agreement, which requires regulatory approval, sees QatarEnergy gaining a share in Petroleum Exploration License 0082 (PEL82), which encompasses exploration blocks 2112B and 2212A.
Upon finalizing the deal, Chevron will retain a 55% stake, while Namcor E&P and Custos Energy will each hold a 10% interest. QatarEnergy's Chief Executive Officer, Eng. Saad bin Sherida Al Kaabi, expressed satisfaction with the agreement, stating that it strengthens the company's relationship with Chevron and broadens QatarEnergy's presence in Namibia.
The PEL82 license covers an area of about 11,444 square kilometers of the offshore Namibian seabed, situated between depths of 350 and 2,300 meters. QatarEnergy thanked the Namibian authorities for their cooperation and anticipates working with partners to advance exploration efforts and secure beneficial outcomes for all involved.
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