(WO) – QatarEnergy has agreed to acquire a 25% participating interest in Petroleum Exploration License 82 (PEL 82) in the Walvis basin offshore Namibia from a Chevron affiliate, according to license partner Custos Energy.
Once the deal completes, Chevron will remain operator with 55%, down from 80%. QatarEnergy will hold 25%, while the National Petroleum Corporation of Namibia (NAMCOR) and Custos will each keep 10%. Completion is conditional on customary regulatory approvals, and the consideration payable to Chevron has not been disclosed.
PEL 82 covers Blocks 2112B and 2212A in water depths of 350 m to 2,300 m and has an area of about 11,450 sq km. Existing seismic data covers about 70% of the license, and earlier drilling on the license includes the Wingat-1 and Murombe-1 wells.
Custos Chairman and CEO Knowledge Katti said Chevron’s decision “to bring a second world-class energy company into the license is a strong endorsement of the Walvis Basin,” which Custos has “long regarded as one of the most interesting opportunities offshore Namibia outside of the Orange basin.”
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