Doha:QatarEnergy has entered into an agreement to acquire a participating interest in an offshore exploration block in the Republic of Namibia from Chevron Namibia Exploration II Limited, a subsidiary of Chevron.

According to Qatar News Agency, the agreement allows QatarEnergy to acquire a 25% interest in Petroleum Exploration License 0082 (PEL82), which includes blocks 2112B and 2212A, pending customary regulatory approvals.

Upon completion of the transaction, Chevron, which will act as the operator, will hold a 55% interest, while Namcor E&P and Custos Energy will each hold a 10% interest. The PEL82 exploration license encompasses an area of approximately 11,444 square kilometers offshore Namibia, with water depths ranging from 350 to 2,300 meters.

HE Minister of State for Energy Affairs, the President and CEO of QatarEnergy, Eng. Saad bin Sherida Al Kaabi, expressed satisfaction with the agreement, emphasizing the strengthening of relations with Chevron and the expansion of QatarEnergy's footprint in Namibia. He also acknowledged the cooperation and support of the Namibian authorities and expressed anticipation for future exploration activities.