QatarEnergy announced on Monday the signing of an agreement to acquire a 25 percent participation stake held by Chevron Namibia Exploration, a subsidiary of Chevron, in an offshore exploration license off the coast of Namibia.
The QNA news agency quoted the company in a statement saying that the agreement, subject to usual official approvals, stipulates that QatarEnergy will acquire a 25 percent stake in the PEL82 exploration license, which includes areas (2112B) and (2212A), while Chevron, as operator, will retain a 55 percent stake.
The company noted that the Namibian National Petroleum Corporation "Namcor" and "Castor Energy" each hold a 10 percent stake. The exploration license covers an area of approximately 11,444 square kilometers in offshore waters off the coast of Namibia, with water depths in the area ranging between 350 and 2,300 meters.
For his part, Qatar's Minister of State for Energy Affairs, Managing Director and CEO of QatarEnergy, Saad bin Sheridah Al Kaabi, expressed his pleasure at strengthening relations with Chevron through this agreement and expanding and diversifying QatarEnergy's presence in Namibia.
Al Kaabi added that he looks forward to working with partners to advance exploration and drilling activities and achieve positive results benefiting all stakeholders. QatarEnergy is a Qatari government company specialized in oil and gas exploration and production, established in 1974.
Previously, on September 10, the company signed a memorandum of understanding with the National Agency for Petroleum, Gas and Biofuels in Angola, alongside partners Shell and Sonangol Exploration and Production, regarding exploration contracts for areas 8 and 22 off the coast of Angola.
Source: Syrian Arab News Agency (SANA)
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