QatarEnergy and Chevron Acquire New Offshore Exploration Block in Namibia

QatarEnergy has significantly expanded its upstream exploration activities in Namibia by acquiring a substantial Petroleum Exploration License and Petroleum Agreement in offshore Block 2813B (PEL0090). The agreement, finalized with Harmattan Energy Limited (HEL), an indirect subsidiary of Chevron Corporation, marks a further commitment by the Qatari energy giant to the promising Namibian offshore region.

Under the terms of the agreement, QatarEnergy will secure a 27.5% working interest in the exploration block. HEL will remain the operator of the block, retaining a controlling 52.5% interest. The remaining equity is distributed between Trago Energy Limited and the National Petroleum Corporation of Namibia (NAMCOR), each holding a 10% stake.

This move underscores QatarEnergy’s dedication to broadening its global exploration portfolio and solidifying its partnership with Chevron. His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs and the President and CEO of QatarEnergy, emphasized the significance of the agreement, stating, “This agreement demonstrates our commitment to continue expanding our upstream footprint in Namibia, and the strengthening of our partnership with our valued partner Chevron.”

The acquisition comes on the heels of successful drilling operations in other QatarEnergy-held acreage in Namibia, further fueling optimism about the region’s hydrocarbon potential. Al-Kaabi also announced plans to commence drilling the first exploration well on Block 2813B imminently. “Following successful drilling operations in our other acreage in Namibia, we look forward to soon begin drilling the first exploration well on this block,” he stated. He also expressed gratitude to the Namibian authorities and partners for their ongoing support.

Block 2813B (PEL0090) is located approximately 200 kilometers offshore Namibia and about 70 kilometers north of QatarEnergy’s significant Venus discovery. This proximity suggests potential geological similarities and adds to the excitement surrounding the new exploration venture. The license area encompasses 5,433 square kilometers in water depths ranging from 2,400 to 3,300 meters, indicating a challenging but potentially highly rewarding deepwater exploration environment.

This acquisition reinforces Namibia's growing importance as a key player in the global energy landscape. Recent discoveries have attracted significant international investment, and QatarEnergy’s expanded presence further validates the country’s potential as a major hydrocarbon producer. The Namibian government has actively promoted offshore exploration, creating a favorable regulatory environment that has attracted companies like QatarEnergy and Chevron.

The partnership between QatarEnergy and Chevron is not new, with both companies collaborating on various energy projects globally. This latest agreement in Namibia strengthens their existing relationship and leverages the expertise of both organizations in deepwater exploration and production.