QatarEnergy Acquires 25% Stake in Chevron’s Offshore PEL82 Licence as Namibia’s Oil Boom Gains Momentum
QatarEnergy is expanding its presence in Namibia’s rapidly emerging offshore oil and gas sector after agreeing to acquire a 25% interest in Chevron-operated Petroleum Exploration Licence 82 (PEL82).
Under the agreement, Chevron will retain a 55% participating interest in the licence, while Namibia’s national oil company, Namcor, and independent energy firm Custos Energy will each continue to hold 10% stakes.
PEL82 covers approximately 11,450 square kilometres offshore Namibia in water depths ranging from 350 metres to 2,300 metres, placing it within one of the world’s most closely watched frontier exploration regions.
The transaction highlights growing international interest in Namibia’s offshore acreage following a series of significant discoveries in the Orange Basin, which has emerged as a major global exploration hotspot over the past few years.
Industry estimates indicate that discoveries in the basin contain around 11 billion barrels of light oil and 2.2 trillion cubic feet of natural gas, attracting investment from some of the world’s largest energy companies as they seek exposure to the country’s resource potential.
Namibia’s offshore success has fuelled expectations that the country could become one of Africa’s newest oil-producing nations, with exploration programmes continuing across multiple licence areas in the Orange Basin.
According to the U.S. International Trade Administration, successful commercialization of the basin’s resources could generate substantial revenues for Namibia and has the potential to more than double the country’s gross domestic product by 2040.
QatarEnergy’s entry into PEL82 further strengthens the consortium behind the licence and underscores confidence in Namibia’s long-term offshore prospects as exploration activity accelerates across the country’s Atlantic margin.
