QatarEnergy buys 25% of Chevron oil exploration licence

Qatarenergy has agreed to acquire a 25% stake in another petroleum exploration licence, bringing its interests in Namibia to four licences. The Qatari state-owned energy company has entered into an agreement to buy the stake in petroleum exploration licence 0082 (PEL82) from Chevron Namibia Exploration II Limited, a subsidiary of Chevron. The agreement, announced yesterday, is subject to regulatory approval. The companies have not disclosed the financial value of the transaction. PEL82 covers approximately 11 444 square kilometres offshore Namibia, across blocks 2112B and 2212A, in water depths ranging from 350 to 2 300 metres.