Chevron Corp. has agreed to farm out to QatarEnergy a partial, non-operated interest in an exploration block offshore Namibia. Financial details were not disclosed.  

Through the agreement, Chevron subsidiary Chevron Namibia Exploration II Ltd. will farm out 25% interest in Petroleum Exploration License 0082 (PEL82), comprising blocks 2112B and 2212A in Walvis basin, QatarEnergy said in a release this week.

Upon completion of the deal, Chevron will remain operator of the block with 55% interest. Namcor E&P and Custos Energy will each hold a 10% interest.

PEL82 covers an area of about 11,444 sq km in water depths of 350-2,300 m. Chevron acquired an 80% operated interest in the license in 2024 through a farm-in deal with National Petroleum Corp. of Namibia (Namcor).

At the time of Chevron's farmout with Namcor, about 70% of the total block area was covered by existing seismic (3,500 km of 2D and 9,500 sq km of 3D) data. Previous drilling activity on the license included the Murombe-1 and Wingat-1 wells. Results confirmed regional extension and presence of the Barremian-Aptianoil-prone source rock (Kudu shale). The Murombe-1 penetrated the Baobab sands with about 20% porosity. The Wingat-1 well recovered 38-41° API oil to surface.