QatarEnergy Acquires Stake in Exploration License Off Namibia's Coast
QatarEnergy acquires a 25% stake in an exploration license off Namibia's coast alongside Chevron, Namcor, and Castos.
Translated by Qiyas from الجريدة — Original source
QatarEnergy stated in a statement on Monday that, under the agreement, which is subject to standard formal approvals, it will acquire a 25% stake in exploration license PEL82, covering blocks 2112B and 2212A. Chevron, the operator, will retain a 55% stake, while Namibia’s state-owned petroleum company Namcor and Castor Energy will each hold a 10% stake.
Saud bin Sharidh Al-Kaabi, Minister of State for Energy Affairs, Managing Director and CEO of QatarEnergy, said: “The agreement strengthens our relationship with Chevron and contributes to expanding and diversifying our presence in Namibia. We look forward to working with our partners to advance exploration and drilling activities and achieve positive results that benefit all stakeholders,” according to the German news agency DPA.
According to the statement, license PEL82 covers an area of approximately 11,440 square kilometers in Namibia’s offshore waters, at depths ranging from 350 to 2,300 meters.
