QatarEnergy agrees to buy 25% of Chevron-affiliated Namibia exploration license

QatarEnergy agrees to acquire PEL 82 interest

QatarEnergy has agreed to acquire a 25% participating interest in Petroleum Exploration License 82, offshore Namibia, from an affiliate of Chevron Corporation. The agreement was announced on November 9, 2026, according to reporting published the following day. Completion remains subject to customary regulatory approvals, and the consideration payable to Chevron has not been disclosed.

QatarEnergy will also participate in PEL 90 alongside Chevron, joining the PEL 82 joint venture as the partners advance exploration activities.

Chevron remains operator with a reduced stake

After completion, Chevron would retain operatorship of PEL 82 while its participating interest would fall from 80% to 55%. QatarEnergy would hold 25%, while NAMCOR and Custos Energy would each retain 10%.

Custos holds a 10% direct interest in the license, and Sintana Energy maintains a 49% indirect interest in Custos. The transaction would not change Custos’s interest or Sintana’s indirect exposure to PEL 82.

Exploration remains at an early stage

PEL 82 covers Blocks 2112B and 2212A in the Walvis Basin, spanning approximately 11,450 square kilometers in water depths of 350 to 2,300 meters. Existing seismic data covers about 70% of the license area, and previous drilling includes the Wingat-1 and Murombe-1 wells.

The license remains in an exploration period, and no reserves or resources have been attributed to it. The disclosure therefore concerns a proposed ownership transfer rather than a disclosed commercial discovery or proved production.

Transaction remains subject to approval

The key remaining condition is completion of the acquisition, including receipt of the required regulatory approvals. The available reporting does not disclose the transaction price or provide a completion date.