QatarEnergy has recently agreed to acquire a 25% participating interest in the PEL 82 oil exploration license in the Walvis Basin waters of Namibia from a subsidiary of Chevron. This agreement aims to expand international cooperation in oil and gas exploration.
Details of the Agreement and Stakes
According to published information, after the completion of this agreement, Chevron will remain the operator and its stake will decrease from 80% to 55%. QatarEnergy will hold 25% of this field, while NAMCOR and Custos Energy will each hold a 10% stake.
The completion of this agreement is subject to customary legal approvals, and the amount to be paid to Chevron has not yet been disclosed. This agreement reflects QatarEnergy's commitment to strengthening its position in the global energy market and tapping into new resources.
Characteristics of the PEL 82 Field
The PEL 82 oil exploration license includes blocks 2112B and 2212A, located at water depths between 350 and 2300 meters, covering an area of approximately 11,450 square kilometers. Existing seismic data covers nearly 70% of this license, and previous drilling in the area includes the Wingat-1 and Morawambe-1 wells.
The CEO and Chairman of Custos Energy, Knowledge Katti, commented that Chevron's decision to invite another global energy company to this license is a strong endorsement of the attractiveness of the Walvis Basin. This basin is recognized as one of the interesting investment opportunities in Namibia's waters, especially outside the Orange Basin.
