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.
Under the terms of the agreement, which is subject to customary regulatory approvals, QatarEnergy will acquire a 25% interest in Petroleum Exploration License 0082 (PEL82), comprising blocks 2112B and 2212A. Upon completion of the transaction, Chevron (the Operator) will hold a 55% interest, while Namcor E&P and Custos Energy will each hold a 10% interest.
Commenting on this occasion, His Excellency Mr. Saad Sherida 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.'
The PEL82 exploration license covers an area of approx. 11,444 sq kms offshore Namibia, in water depths ranging from 350 to 2,300 meters.
Source: QatarEnergy
