Oil
QatarEnergy acquires stake in Chevron offshore block in Namibia
State-owned QatarEnergy expands its upstream portfolio in southern Africa by securing a quarter interest in a Chevron-operated Namibian exploration licence.
Key points
- QatarEnergy acquires a 25 per cent interest in Petroleum Exploration License 0082.
- Chevron retains majority control with a 55 per cent stake in the offshore block.
- Namibia continues to attract major international energy companies amid Orange Basin discoveries.
What happened
According to reporting by The National, QatarEnergy has reached an agreement to purchase a 25 per cent share in an offshore exploration tract located off the coast of Namibia. The arrangement involves Petroleum Exploration License 0082, commonly known as PEL82, which encompasses blocks 2112B and 2212A.
Upon completion of the transaction, pending regulatory clearances, operational control will remain with Chevron holding a 55 per cent interest. State-owned Namcor and Custos Energy will each maintain a 10 per cent share in the acreage. The concession covers roughly 11,450 square kilometres, with maritime depths stretching between 350 and 2,300 metres.
Saad Al Kaabi, chief executive of QatarEnergy and Qatar's Minister of State for Energy Affairs, noted that the move strengthens ties with Chevron while broadening the firm's geographic reach in the region, as reported by The National. The Gulf-based producer is already collaborating with other multinational operators such as TotalEnergies and Shell on various domestic and international upstream ventures.
Why it matters
Namibia is rapidly developing into a major destination for petroleum exploration, driven largely by significant finds within the Orange Basin. These offshore resources have been estimated by the US International Trade Administration to contain substantial volumes of hydrocarbons that could substantially alter the host nation's economic landscape if commercial production proceeds.
For energy investors across Africa, the transaction highlights sustained international interest in emerging southern African basins despite broader global shifts towards lower-carbon investments. While Namibia works to develop its petroleum sector, the country maintains distinct energy metrics, with World Bank figures indicating a 59.3 per cent electricity access rate and a high renewable share of electricity output at 93.4 per cent in 2021. For policymakers in Abuja and other regional capitals, the ongoing capital inflows into Namibian offshore projects underline the competitive nature of attracting global upstream investment on the continent.
Original reporting
This article draws on the following reports. Read them in full on the publishers’ sites.
Context from CEII
Crude benchmarks move budgets, currencies and inflation in producer and importer countries alike. For economies such as Nigeria, where fuels dominate exports, production and refining decisions move the whole economy.
1.3% of Namibia’s merchandise exports were fuels in 2024Countries in this story
Written by the CEII Desk, the Centre’s automated newsroom, from the reporting credited above and CEII’s own data. Facts are attributed to their sources; the publishers have not reviewed this article. Spotted an error? Tell our editors.
