Accra:Manama QatarEnergy has entered into an agreement to acquire a 25% participating interest in an offshore exploration block in the Republic of Namibia from Chevron Namibia Exploration II Limited, a subsidiary of Chevron.
According to Bahrain News Agency, the terms of the agreement are subject to customary regulatory approvals. Upon completion, QatarEnergy will hold an interest in Petroleum Exploration License (PEL82), which includes blocks 2112B and 2212A.
Following the transaction, Chevron, as the operator, will retain a 55% interest in the license. Namcor E and P and Custos Energy will each maintain a 10% interest. The PEL82 exploration license spans approximately 11,444 square kilometers offshore Namibia, with water depths ranging from 350 to 2,300 meters.