Energy
QatarEnergy expands offshore exploration footprint in Namibia
QatarEnergy has acquired a stake in a petroleum exploration license offshore Namibia, deepening its collaboration with Chevron.
Key points
- QatarEnergy acquires 25 percent stake in PEL82 offshore Namibia.
- Chevron retains 55 percent interest pending regulatory approvals.
- Partnership follows recent exploration activities across the Orange Basin.
What happened
According to Rigzone reporting, QatarEnergy has entered into an agreement to acquire a 25 percent interest in Petroleum Exploration License 0082 (PEL82) offshore Namibia. The transaction leaves Chevron Corp holding a 55 percent operating stake, subject to regulatory clearances. The National Petroleum Corporation of Namibia and Custos Energy each hold the remaining 10 percent.
PEL82 covers nearly 11,450 square kilometers, incorporating blocks 2112B and 2212A. Water depths across the license area range from 350 meters to 2,300 meters. This venture builds upon an existing partnership between QatarEnergy and Chevron on PEL90 in the Orange Basin, where exploratory drilling activities continue to advance.
Exploration outlook
Exploration efforts in Namibian waters have gained momentum following positive indications from various wells. Shell PLC previously reported promising subsurface results from the Merlin-1X well under PEL39, noting good reservoir quality with light oil and limited associated gas. Further drilling programs in that license area are under consideration for later in the year.
Meanwhile, Chevron plans to initiate drilling on the Nabba-1X well under PEL90 before the end of the year. Equinor ASA also entered the PEL90 license following an agreement with Chevron earlier in August, securing access to a drill-ready prospect slated for testing.
Why it matters
As global energy markets adjust, upstream investments in emerging hydrocarbon provinces remain a focal point for international stakeholders. Brent spot prices stood at $107.03 per barrel and WTI at $99.64 per barrel on 3 November 2026, according to US Energy Information Administration data, providing a robust price environment for offshore exploration.
For African energy markets, large-scale offshore discoveries can catalyse capital inflows and technical capability development. While Namibia recorded a renewable share of electricity output of 93.4 percent in 2021, according to World Bank figures, petroleum exploration represents a major avenue for export revenue and industrial growth. Policymakers and investors across the continent continue to monitor these deepwater developments as indicators of regional hydrocarbon potential and cross-border energy collaboration.
Original reporting
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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.
