QatarEnergy Signs Agreement to Acquire 25% Stake in Offshore Exploration Block in Namibia

QatarEnergy has signed an agreement to acquire a 25% participating interest in an offshore exploration licence in Namibia from Chevron Namibia Exploration II Limited, a subsidiary of US energy company Chevron.

The agreement, announced on 9 November 2026, will expand QatarEnergy's exploration activities in Namibia and strengthen its partnership with Chevron. The transaction remains subject to customary regulatory approvals.

Under the agreement, QatarEnergy will acquire a 25% interest in Petroleum Exploration Licence 0082 (PEL82), which comprises offshore blocks 2112B and 2212A.

Following completion of the transaction, Chevron will retain a 55% participating interest and continue as the operator of the exploration licence. NAMCOR E&P and Custos Energy will each hold a 10% stake.

The PEL82 licence covers approximately 11,444 square kilometres in offshore waters off the coast of Namibia, with water depths ranging from 350 to 2,300 metres.

HE Eng. Saad bin Sherida Al Kaabi, Minister of State for Energy Affairs and President and CEO of QatarEnergy, welcomed the agreement as an opportunity to strengthen the company's relationship with Chevron while expanding and diversifying its presence in Namibia.

He expressed appreciation to the Namibian authorities for their cooperation and support, and highlighted QatarEnergy's intention to work closely with its partners to advance exploration activities and achieve positive outcomes for all stakeholders.

The agreement represents another step in QatarEnergy's international exploration activities, adding to its portfolio of energy interests outside Qatar. The acquisition will be finalised following the required regulatory approvals.

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