QatarEnergy’s agreement to acquire a 25% participating interest in Namibia’s offshore Petroleum Exploration Licence (PEL) 82 from Chevron marks another significant milestone in the country’s emergence as a global exploration destination. Announced on November 9, 2026, the transaction strengthens international participation in Namibia’s upstream sector while bringing additional investment and technical expertise into the frontier Walvis Basin.
The African Energy Chamber (AEC) welcomes the agreement as a strong vote of confidence in Namibia’s hydrocarbon potential and its ability to attract major international energy companies. With QatarEnergy joining Chevron, the partnership reinforces the importance of sustained exploration investment in unlocking new resources, expanding the country’s petroleum industry and positioning Namibia as a future contributor to global energy supply.
“QatarEnergy’s investment demonstrates the confidence international energy companies have in Namibia’s petroleum potential and Africa’s wider offshore opportunities. Namibia has worked hard to establish itself as a competitive exploration destination, and partnerships like this bring the capital, technology and expertise needed to turn geological potential into production, jobs and economic growth,” states NJ Ayuk, Executive Chairman, AEC.
Under the agreement, subject to customary regulatory approvals, Chevron will retain its operatorship with a 55% interest, while QatarEnergy will acquire 25%. The National Petroleum Corporation of Namibia (Namcor) and Custos Energy will each maintain 10%. Covering approximately 11,444 km2 across Blocks 2112B and 2212A, PEL 82 offers exploration opportunities in water depths ranging from 350m to 2,300m.
The transaction builds on QatarEnergy’s expanding Namibian portfolio, which now encompasses five offshore licences covering approximately 45,000 km2. The company already holds interests alongside Shell, TotalEnergies and other international partners, including acreage in the Orange Basin, where the Merlin-1X exploration well delivered a significant hydrocarbon discovery in June 2026.
Namibia’s growing exploration momentum is also attracting other international operators. Equinor entered the country’s offshore sector in August 2026 through an acquisition in PEL 90, while Shell is preparing further exploration and appraisal activity. Meanwhile, TotalEnergies’ Venus discovery continues to advance toward a potential final investment decision, representing a major opportunity to move Namibia closer to large-scale offshore development.
For the AEC, attracting investment must go hand in hand with strengthening Namibia’s domestic energy industry. As exploration advances, opportunities will emerge across engineering, logistics, fabrication, drilling services and technical training. Developing local expertise, supporting Namibian suppliers and building the institutional capacity to manage increasingly complex petroleum agreements will be essential to maximizing the economic benefits.
“Namibia has an opportunity to build one of Africa’s most important new petroleum industries. That means maintaining an investment-friendly environment, supporting international partnerships and ensuring Namibians participate meaningfully across the value chain. We encourage continued exploration and collaboration as the country works to translate its offshore discoveries into long-term prosperity,” Ayuk adds.
