Namibia continues to attract investment in its offshore oil and gas sector, with QatarEnergy agreeing to acquire a 25 percent stake in Chevron’s offshore Petroleum Exploration Licence 0082 (PEL82). The deal strengthens QatarEnergy’s presence in the country, while Chevron retains a 55 percent interest and Namcor and Custos Energy each hold 10 percent.
The license covers approximately 11,450 square kilometers offshore Namibia, with water depths ranging from 350 to 2,300 meters.
Namibia is emerging as a major oil and gas destination following significant discoveries in the offshore Orange Basin, which are estimated to contain around 11 billion barrels of light oil and 2.2 trillion cubic feet of natural gas.
If proven commercially viable, these discoveries could generate substantial revenue for the country and potentially more than double Namibia’s GDP by 2040, according to the US-based International Trade Administration.
source: www.thenationalnews.com
African Energy Council