QatarEnergy agreed to acquire a quarter of a Chevron-operated exploration license in Namibia’s Walvis Basin, adding to the Qatari company’s offshore portfolio in the country.
The agreement, announced Nov. 9, would transfer the interest from Chevron Namibia Exploration II Limited if regulators approve it. QatarEnergy did not disclose a price or closing date.
Under the proposed ownership structure, Chevron would hold 55% and remain operator, while QatarEnergy would own 25%. Namcor E&P and Custos Energy would each retain 10%. Petroleum Exploration License 0082, or PEL82, comprises blocks 2112B and 2212A. QatarEnergy estimates the license area at roughly 11,444 square kilometers, with water depths of 350 to 2,300 meters.
Chevron’s acquisition of an 80% operating interest in PEL82 closed in February 2025, Custos Energy said. Sintana Energy reported that earlier drilling yielded oil at Wingat-1 in 2013; another well, Murombe-1, did not establish commercial hydrocarbons.
In 2024, Namibia’s state-owned oil company Namcor said the Chevron farm-out aimed to bring financing capacity and deepwater drilling expertise to the underexplored Walvis Basin. Under that earlier arrangement, Chevron carried exploration costs for Namcor and Custos, Sintana said. QatarEnergy’s announcement did not say how costs would be shared under the proposed deal.
The Walvis position is separate from the Orange Basin. In June, QatarEnergy said it held interests in four other Namibian offshore licenses — PEL0039, PEL0056, PEL0091 and PEL0090 — and had participated in the Merlin-1X oil discovery in the Orange Basin. QatarEnergy President and CEO Saad bin Sherida Al Kaabi said the new agreement would broaden the company’s presence in Namibia and strengthen its relationship with Chevron.
Regulatory approval is required before the stake can transfer. Sintana said Chevron had expressed an intention to drill the Gemsbok exploration well sometime in 2026 or 2027, but no date had been set.
