QatarEnergy has signed an agreement to acquire a 25 per cent participating interest in offshore exploration licence PEL82 in Namibia from Chevron Namibia Exploration II, a Chevron subsidiary.

The transaction, subject to customary regulatory approvals, covers blocks 2112B and 2212A. Following completion, Chevron, which will remain the operator, will hold a 55 per cent stake, while Namcor E&P and Custos Energy will each retain 10 per cent.

The licence covers approximately 11,444 square kilometres offshore Namibia, with water depths ranging from 350 to 2,300 metres.

Saad Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, said: “We are pleased to further strengthen our relations with Chevron through this agreement, and to expand and diversify our footprint in Namibia. We would like to thank the Namibian authorities for their cooperation and support, and we look forward to working with our partners to progress exploration activities and achieve positive results for the benefit of all stakeholders.” -OGN/TradeArabia News Service