PEL82 comprises two offshore exploration blocks in Namibia’s Walvis Basin. Credit: James Jones Jr/Shutterstock.com.
QatarEnergy has agreed to acquire a 25% participating interest in an offshore oil and gas exploration licence in Namibia from Chevron Namibia Exploration II, a subsidiary of Chevron.
The financial terms of the deal have not been disclosed.
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The proposed transaction concerns Petroleum Exploration License 0082 (PEL82) covering blocks 2112B and 2212A in the Walvis Basin, offshore Namibia.
Following completion of the transaction, Chevron will continue to operate the licence PEL82.
Chevron’s holding will be reduced from 80% to 55% as a result of the proposed acquisition.
Namcor E&P, a subsidiary of the National Petroleum Corporation of Namibia, and Custos Energy, an independent Namibian exploration company, each will maintain their current 10% interests.
Custos Energy chairman and CEO Knowledge Katti said: “We welcome QatarEnergy as a partner in PEL 82. Chevron’s decision to bring a second world-class energy company into the license is a strong endorsement of the Walvis Basin, which we have long regarded as one of the most interesting opportunities offshore Namibia outside of the Orange Basin.”
Completion of the transaction is dependent on receiving standard regulatory approvals.
The PEL82 licence area extends over approximately 11,444km², with water depths between 350 and 2,300m.
Seismic data has been acquired across around 70% of the licence area, and two previous wells, Wingat-1 and Murombe-1, have been drilled within the blocks.
Qatari Minister of State for Energy Affairs and QatarEnergy president and CEO Saad Sherida Al-Kaabi said: “We are pleased to further strengthen our relations with Chevron through this agreement, and to expand and diversify our footprint in Namibia.
“We would like to thank the Namibian authorities for their cooperation and support, and we look forward to working with our partners to progress exploration activities and achieve positive results for the benefit of all stakeholders.”
Last month, Cheniere Energy signed long-term sale and purchase agreements (SPAs) with QatarEnergy for the supply of a combined total of four million tonnes per annum (mtpa) of liquefied natural gas (LNG) through to 2054.
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Source: www.offshore-technology.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.
