QatarEnergy has signed an agreement to acquire a stake in an offshore exploration licence off the coast of Namibia, currently held by Chevron Exploration Company, a subsidiary of Chevron, the company announced.
The agreement is subject to customary regulatory and other formal approvals.
Upon completion of the transaction, QatarEnergy will acquire a 25% stake in the PEL82 exploration licence, which includes the 2112B and 2212A fields.
Chevron, which operates the licence, will retain a 55% stake, while Namibia’s state-owned oil company, Namcor, and Custos Energy will each retain a 10% stake.
QatarEnergy’s Minister of State for Energy Affairs, Deputy Chairman and CEO, Saad bin Sherida Al-Kaabi, said the agreement would strengthen the company’s relationship with Chevron and expand and diversify its presence in Namibia.
“We would like to thank the Namibian authorities for their cooperation and support. We look forward to working with our partners to advance exploration activities and achieve positive results that benefit all parties involved,” he said.
The PEL82 exploration licence covers an area of approximately 11,444 square kilometres in offshore Namibian waters, with water depths ranging from 350 metres to 2,300 metres.
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