QatarEnergy to buy 25% of Chevron's offshore Namibia block

Deal details

QatarEnergy, the state-owned producer, will take a 25% stake in PEL 82 from Chevron's Namibian arm, pending approvals. Chevron remains operator with 55%, while state-owned Namcor and Custos Energy keep 10% each.

PEL 82 covers more than 11,400 square kilometers offshore, with water depths reaching about 2,300 meters.

Strategy and global moves

The stake adds to QatarEnergy's positions off Namibia, where it is already paired with TotalEnergies SE and Shell Plc. It aligns with a wider push to grow foreign assets, providing flexibility in case the Iran war causes potential interruptions.

The conflict has disrupted Qatar's liquefied natural gas output, leaving some cargoes stranded in the Persian Gulf. In recent weeks, QatarEnergy signed deals to buy additional LNG from US companies and last month it secured seven offshore blocks in Brazil. "We are pleased to further strengthen our relations with Chevron through this agreement, and to expand and diversify our footprint in Namibia," said CEO Saad Sherida Al-Kaabi.

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What to watch in Namibia

TotalEnergies expects to reach a final investment decision later this year on Venus, an oil discovery it shares with QatarEnergy. Bringing Venus forward would mark a major scale-up in activity in the country.

Shell is also moving, hiring the Stena DrillMAX for a new drilling campaign. Its country manager, Eduardo Rodriguez Tamayo, noted on social media last week that the team was preparing to begin.

Why it matters for your portfolio

Namibia's offshore story is getting denser as QatarEnergy broadens its basin mix while managing LNG and regional risk. Watch for timing on the Venus FID and the pace of Shell's campaign as clues to how fast the basin could mature, and which operators may see the earliest lift.

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