QatarEnergy is extending its reach across Namibia’s offshore petroleum sector, adding another exploration asset to a portfolio that already includes interests in licences operated by Chevron and TotalEnergies.

The latest agreement gives the Qatari state-owned energy company a 25% interest in Petroleum Exploration Licence 0082 (PEL82), following a deal with Chevron Namibia Exploration II Limited.

Once completed, the acquisition will bring QatarEnergy’s Namibian exploration holdings to four licences.

The expansion builds on investments made in 2024, when QatarEnergy increased its participation in two other offshore licences, including one hosting the Venus oil discovery. Its latest move adds another position alongside Chevron, which will retain operational control of PEL82.

Existing investments anchor expansion

Before the latest agreement, QatarEnergy had interests in three Namibian offshore exploration licences. Its largest disclosed participation is a 35.25% stake in PEL56, which hosts the Venus discovery and is operated by TotalEnergies.

The company also holds 33.025% in TotalEnergies-operated PEL91 and a 27.5% interest in Chevron-operated PEL90. The proposed acquisition of PEL82 will give QatarEnergy exposure to a fourth licence, broadening its involvement across exploration projects managed by two international energy companies.

Chevron retains majority ownership

PEL82 covers approximately 11,444 square kilometres across offshore blocks 2112B and 2212A. The licence spans water depths ranging from 350 metres to 2,300 metres. Under the proposed ownership arrangement, Chevron will retain a 55% interest and continue as operator.

QatarEnergy will acquire 25%, while Namcor E&P and Custos Energy will each maintain 10%. The transaction, announced on Nov. 9, remains subject to regulatory approval. Neither company has disclosed the financial consideration for the acquisition.

QatarEnergy President and CEO Saad Sherida Al-Kaabi said the agreement would strengthen the company’s relationship with Chevron and expand its presence in Namibia. He also thanked Namibian authorities for their cooperation and support, adding that the partners intended to advance exploration activities.

Namibia attracts international energy partners

The agreement adds to QatarEnergy’s participation in Namibia’s offshore petroleum exploration, with its interests now spanning four licences involving Chevron and TotalEnergies.

For Chevron, the transaction brings QatarEnergy into another exploration project without relinquishing its majority ownership or operatorship of PEL82. The remaining partners also retain their existing interests.

Completion will depend on regulatory approval, after which QatarEnergy will formally hold its additional 25% stake in the licence.