QatarEnergy has agreed to acquire a 25% interest in offshore exploration licence PEL 82 from Chevron, expanding its presence in Namibia’s petroleum exploration sector as international energy companies continue to assess the country’s largely unproven offshore resources. The agreement, announced on 9 November 2026, gives the Qatari state-owned energy company exposure to an exploration area in the Walvis Basin covering approximately 11,444 square kilometres, while Chevron retains operatorship and a 55% interest.
Under the agreement, QatarEnergy will acquire its stake from Chevron Namibia Exploration II Limited, a subsidiary of the US energy company. Once the transaction is completed, Chevron’s interest will fall from 80% to 55%, while Namibia’s state-owned Namcor E&P and Custos Energy will each retain 10%. The transaction remains subject to regulatory approval, and its financial terms have not been disclosed.
PEL 82 covers blocks 2112B and 2212A off Namibia’s coast, in water depths ranging from approximately 350 to 2,300 metres. Its location in the Walvis Basin provides QatarEnergy with an opportunity to participate in a different offshore exploration area from the Orange Basin, where several significant oil discoveries have been announced in recent years.
The agreement comes as Chevron prepares for further exploration work on the licence. The company acquired its 80% interest and operatorship in 2024 and has since been assessing the area’s geological potential, including through the interpretation of available seismic data.
Existing seismic coverage extends across approximately 70% of PEL 82. Two exploration wells, Wingat-1 and Murombe-1, were drilled in the area in 2013. Chevron is now evaluating several geological structures and considering an exploration drilling programme, with the first well potentially scheduled for 2027.
The planned drilling will be important in determining whether the geological structures identified through seismic interpretation contain commercially viable oil or gas resources. Seismic data can help companies identify potential subsurface formations, but drilling remains necessary to establish whether hydrocarbons are present and whether any discovery could support commercial development.
For QatarEnergy, acquiring a minority stake allows it to participate in the next phase of exploration without assuming operatorship. Chevron will continue to lead operational activities, while the partners share exposure to the exploration opportunity. The arrangement gives QatarEnergy access to the area’s potential while distributing some of the technical and financial risks associated with offshore exploration.
The acquisition also broadens QatarEnergy’s existing Namibian portfolio. The company already holds interests in three other exploration licences, including PEL 90, operated by Chevron, and PEL 56 and PEL 91, operated by France’s TotalEnergies. Its latest agreement therefore strengthens its position in a country that has attracted growing international attention following offshore discoveries since 2022.
Namibia’s emergence as an exploration destination has been closely associated with activity in the Orange Basin, where discoveries have encouraged international energy companies to expand their acreage positions and assess additional prospects. QatarEnergy’s participation in PEL 82 indicates that interest is extending beyond the basin that has dominated recent exploration headlines.
However, the distinction between exploration potential and established reserves remains important. PEL 82’s oil and gas potential has yet to be confirmed, and the proposed drilling programme is still under consideration. The presence of seismic data and previously drilled wells provides geological information, but does not establish the existence of commercially recoverable resources.
The agreement also reflects the continuing role of partnerships between international energy companies and Namibian entities in offshore exploration. Namcor E&P and Custos Energy each retain a 10% interest in the licence, maintaining local participation alongside the international partners. Such partnerships can provide opportunities for domestic companies to participate in exploration activity, although the scale of economic benefits will depend on the results of exploration and any subsequent development.
For Namibia, further exploration could eventually create opportunities for investment, government revenue and local participation in the petroleum value chain. At the same time, the timing and scale of those benefits remain uncertain because exploration success does not automatically lead to commercial production. Any future development would require additional appraisal, investment decisions, regulatory approvals and substantial offshore infrastructure.
QatarEnergy’s latest acquisition also reinforces the importance of portfolio diversification in the global energy sector. By securing interests in multiple exploration areas and working with different operators, the company can spread its exposure across geological prospects at different stages of development. Its participation in PEL 82 provides another route into Namibia’s offshore sector while retaining Chevron’s operational leadership.
The next significant milestone will be the outcome of the ongoing geological assessment and whether Chevron proceeds with the proposed exploration well in 2027. Until drilling confirms the presence and quality of any hydrocarbons, PEL 82 remains an exploration opportunity rather than an established source of future production.
The transaction therefore marks a further expansion of QatarEnergy’s position in Namibia, but its long-term significance will depend on what exploration establishes beneath the Walvis Basin. For Namibia, the broader challenge will be translating international interest in offshore resources into commercially viable projects while ensuring that any future development delivers lasting economic value.
