Chevron Namibia stake sale: QatarEnergy takes 25% of PEL 82 in the Walvis Basin

The Chevron Namibia portfolio is getting a new partner. QatarEnergy has agreed to buy a 25% interest in Petroleum Exploration Licence 82 (PEL 82) offshore Namibia. The seller is Chevron Namibia Exploration II, a Chevron subsidiary. QatarEnergy announced the farm-in on 9 November 2026, and licence partner Custos Energy confirmed it the next day. However, neither side disclosed the price.

Once the deal closes, Chevron will remain operator with 55%, down from 80%. QatarEnergy will hold 25%. Meanwhile, state-backed Namcor E&P and local explorer Custos Energy will each keep 10%. Completion still needs customary regulatory approvals. For its part, Custos welcomed the newcomer. “We welcome QatarEnergy as a partner in PEL 82,” Katti said. Similarly, QatarEnergy described the purchase as a way to deepen its ties with the operator.

Inside the Chevron Namibia licence

PEL 82 covers blocks 2112B and 2212A in the Walvis Basin. The licence spans about 11,444 sq km, in water depths of 350 to 2,300 metres. Existing seismic data covers about 70% of the area, World Oil reported. In addition, the blocks already hold two earlier wells, Wingat-1 and Murombe-1.

Partners clearly see room to grow there. Custos chairman and chief executive Knowledge Katti called Chevron’s move “a strong endorsement of the Walvis Basin”. In fact, he sees the basin as “one of the most interesting opportunities offshore Namibia outside of the Orange Basin”.

Why QatarEnergy wants more Namibia

For QatarEnergy, the deal widens an existing position. Saad Sherida Al-Kaabi is Qatar’s Minister of State for Energy Affairs and QatarEnergy’s chief executive. He said the deal would “further strengthen our relations with Chevron” and “expand and diversify our footprint in Namibia”.

In addition, he thanked the Namibian authorities for their support. Next, he said, QatarEnergy will work with its partners “to progress exploration activities”.

The Qatari company has been busy on several fronts. Last month, for example, Cheniere Energy signed long-term LNG deals with QatarEnergy. They total 4 mtpa through 2054, Offshore Technology noted. Overseas upstream stakes like PEL 82 add oil exposure alongside that gas business.

What the Chevron Namibia deal means

For Chevron, a farm-down spreads exploration risk and cost before any drilling decision. It also fits a wider pattern, as our story on the Chevron Gulf of America asset sale showed. Still, Chevron keeps control of the work programme as operator.

For the market, the deal is a vote of confidence in Namibia beyond the Orange Basin. Two large partners now share the risk on the licence. However, PEL 82 is still an exploration licence, so it has no production or development plan yet.

Next, therefore, watch for regulatory approval in Namibia and any news on a drilling plan. Traders should also track whether other majors follow QatarEnergy into the Walvis Basin.

For a deeper analysis, read: Namibia Oil: Why QatarEnergy Is Buying In While Venus Stalls