WINDHOEK, Namibia, November 10, 2026 — QatarEnergy has agreed to acquire a 25 per cent participating interest in an offshore exploration licence in Namibia from Chevron, strengthening the Gulf energy company’s position in southern Africa’s emerging oil and gas sector.
The transaction involves Petroleum Exploration Licence 82 (PEL 82), covering two blocks in the Walvis Basin, where Chevron will remain operator with a reduced 55 per cent stake, down from 80 per cent.
In a statement issued on Monday, Namibian independent oil and gas company Custos Energy confirmed the agreement, saying its 10 per cent interest in the licence would remain unchanged. The National Petroleum Corporation of Namibia (NAMCOR) will also retain its 10 per cent stake.
The acquisition remains subject to customary regulatory approvals, while the financial terms have not been disclosed.
The deal brings another major international energy company into Namibia’s offshore exploration industry, which has attracted growing investor interest following significant discoveries in the Orange Basin.
Walvis Basin attracts international investment
PEL 82 covers Blocks 2112B and 2212A in the Walvis Basin, spanning approximately 11,450 square kilometres in water depths ranging from 350 to 2,300 metres.
Existing seismic surveys cover about 70 per cent of the licence area, while previous exploration activity includes the Wingat-1 and Murombe-1 wells.
Although much of Namibia’s recent offshore investment has concentrated on the Orange Basin, the Walvis Basin represents another potential exploration frontier for companies seeking access to prospective acreage along the country’s Atlantic coastline.
QatarEnergy’s entry could help strengthen the technical and financial resources available for further exploration, although the partners have not announced a new drilling timetable or investment commitment.
The transaction also reflects the continuing interest of international energy groups in Namibia’s offshore petroleum potential, despite the substantial costs and geological uncertainties associated with deepwater exploration.
Chevron retains operational control
Following completion of the transaction, ownership of PEL 82 will be distributed as follows:
Company Participating interest
Chevron (operator) 55%
QatarEnergy 25%
NAMCOR 10%
Custos Energy 10%
Total 100%
Chevron’s decision to reduce its equity interest while retaining operatorship allows it to share exploration exposure with another major energy producer without relinquishing control of the licence.
For QatarEnergy, the investment provides access to an additional offshore exploration opportunity as the company broadens its international upstream portfolio.
The participation of NAMCOR and Custos also preserves a combined 20 per cent interest for Namibian companies in the licence.
Custos sees endorsement of Namibia’s exploration potential
Knowledge Katti, chairman and chief executive of Custos Energy, welcomed QatarEnergy’s entry, describing the agreement as a vote of confidence in the Walvis Basin.
“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,” Katti said.
He added that Custos would continue working with Chevron, QatarEnergy and NAMCOR as exploration activities progress.
“It is a further example of Namibian companies helping to attract international expertise and capital for the benefit of all Namibians,” he said.
Custos, founded more than a decade ago, has developed a portfolio of offshore interests through partnerships with international energy companies.
Alongside its stake in PEL 82, the company holds a 10 per cent interest in PEL 83, which contains the Mopane discoveries.
The company’s involvement in both licences gives it exposure to exploration opportunities across Namibia’s offshore petroleum sector.
Implications for Namibia’s energy industry
The QatarEnergy-Chevron agreement highlights the role of international partnerships in financing high-risk offshore exploration, where seismic surveys, drilling programmes and potential field development can require substantial capital.
For Namibia, attracting established energy companies could support further geological assessment, technical capacity and investment in the country’s upstream sector.
However, exploration licences do not guarantee commercial discoveries, and any future economic benefits will depend on drilling results, development costs, regulatory conditions and the commercial viability of identified resources.
The transaction also illustrates how international operators are distributing exploration risks through farm-in agreements while maintaining exposure to potentially significant hydrocarbon resources.
With QatarEnergy joining Chevron, NAMCOR and Custos in PEL 82, the Walvis Basin is set to receive additional international attention as Namibia seeks to develop its position as an emerging offshore energy investment destination.
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