QatarEnergy takes 25% stake in Namibian PEL 82 oil licence
By the AFREEQUE newsroom, based on Leadership
QatarEnergy will acquire a 25% stake in PEL 82 offshore Namibia from a Chevron affiliate. Chevron will remain operator with 55%, while NAMCOR and Custos Energy will each retain 10%, according to licence partner Custos Energy.
QatarEnergy has agreed to acquire a 25% stake in oil exploration licence PEL 82 in the Walvis Basin, offshore Namibia, from a Chevron affiliate. After completion of the transaction, Chevron will retain 55% and operatorship, while Namibia’s national oil company NAMCOR and Custos Energy will each hold 10%, according to Custos Energy.
The transaction remains subject to customary regulatory approvals and its value has not been disclosed. The licence covers Blocks 2112B and 2212A, at depths ranging from 350 to 2,300 metres, over an area of about 11,450 sq km, according to Custos Energy.
Existing seismic data covers about 70% of the licence, where the Wingat-1 and Murombe-1 wells have already been drilled. Knowledge Katti, chairman and CEO of Custos Energy, considers QatarEnergy’s arrival alongside Chevron to be a sign of confidence in the Walvis Basin, according to Leadership.
