QatarEnergy acquires interest in Namibian offshore exploration license
<p>Doha, Qatar: QatarEnergy has 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.</p> <p>Under the terms of the agreement, which is subject to customary regulatory approvals, QatarEnergy will acquire a 25% interest in Petroleum Exploration License 0082…
Doha, Qatar - QatarEnergy has reached an agreement to acquire a 25% stake in an offshore exploration block in Namibia from Chevron Namibia Exploration II Limited, a Chevron subsidiary. The deal, pending regulatory approval, will see QatarEnergy gain control of Petroleum Exploration License 0082 (PEL82), encompassing blocks 2112B and 2212A. Upon finalization, Chevron's ownership will rise to 55%, with Namcor E&P and Custos Energy each holding a 10% share.
Speaking on the matter, QatarEnergy's Minister of State for Energy Affairs and CEO, Saad Sherida Al-Kaabi, expressed satisfaction with the partnership extension and expansion of QatarEnergy's presence in Namibia. He thanked the Namibian authorities for their support and anticipated collaborative work with partners to achieve positive results from exploration efforts. The PEL82 license covers around 11,444 square kilometers of offshore Namibia, spanning depths between 350 to 2,300 meters.
Written by urgent.news from The Peninsula Qatar Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
