QatarEnergy, the state-owned energy company of Qatar, has agreed to buy a 25% stake in an offshore oil exploration licence in Namibia from a subsidiary of US oil major Chevron. The company announced the deal on Monday 9 November 2026, and it still needs customary regulatory approvals.
The price was not disclosed, so the value of the deal is unknown. For US readers it is a deal between a Gulf state-owned company and an American oil major, off the coast of southern Africa.
Key Facts
·Deal. QatarEnergy buys 25% of Petroleum Exploration Licence 0082 (PEL82), an offshore permit, from Chevron’s Namibian subsidiary.
·Announced. Monday 9 November 2026; subject to customary regulatory approvals; price not disclosed.
·Area. Blocks 2112B and 2212A, about 11,444 square kilometres offshore, in 350 to 2,300 metres of water.
·After the deal. Chevron keeps 55% and stays operator (the partner that runs the drilling); two partners hold 10% each.
·Why. QatarEnergy says it wants to expand and diversify its footprint in Namibia.
·As of 12 November 2026, 03:00 GMT
What the Deal Covers
QatarEnergy will take a 25% stake in Petroleum Exploration Licence 0082, known as PEL82 and a government permit to search for oil and gas, which covers blocks 2112B and 2212A. The area is about 11,444 square kilometres offshore Namibia, in water 350 to 2,300 metres deep.
The seller is Chevron Namibia Exploration II Limited, a subsidiary of Chevron. QatarEnergy said the agreement is subject to customary regulatory approvals.
Who Owns What After the Deal
When the deal completes, the licence will be split four ways. Ownership of PEL82 will then be:
- Chevron: 55%, and it remains the operator (the partner that runs the drilling)
- QatarEnergy: 25%
- Namcor E&P, an existing partner in the licence: 10%
- Custos Energy, a company that already holds a stake in the licence: 10%
What Qatar Said
Saad Sherida Al-Kaabi, QatarEnergy’s chief executive and Qatar’s Minister of State for Energy Affairs, said: “We are pleased to further strengthen our relations with Chevron through this agreement, and to expand and diversify our footprint in Namibia.” He also thanked the Namibian authorities for their cooperation and support.
Why It Matters
Chevron keeps the largest share and its role as operator. The deal therefore brings in a new partner rather than a new operator.
See how Namibia’s oil push has developed in our report on Equinor’s Namibian block and in our Namibia explainer. More on Namibia is in our country section.
What It Means for You
For US investors, Chevron keeps the majority stake and the operator role, so the deal changes its partners rather than its control of the licence. QatarEnergy itself linked the purchase to its wider relationship with Chevron.
What Is Not Known
The price, the expected completion date and any drilling plan for PEL82 were not disclosed. We also do not know which Namibian approvals are still required.
What to Watch
No dated checkpoint has been announced. The next news would be regulatory approval of the transfer or a work programme for the licence.
Frequently Asked Questions
What is PEL82?
PEL82 is a petroleum exploration licence offshore Namibia, covering blocks 2112B and 2212A. It spans about 11,444 square kilometres in water 350 to 2,300 metres deep.
Who operates PEL82 after the deal?
Chevron remains the operator with a 55% interest. QatarEnergy holds 25%, and Namcor E&P and Custos Energy, the two other partners, hold 10% each.
How much did QatarEnergy pay?
The price has not been disclosed. The agreement is subject to customary regulatory approvals.
Sources: QatarEnergy announcement of 9 November 2026, qatarenergy.qa.
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