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QatarEnergy Agrees to Buy 25% Stake in Namibia's Offshore Oil Block in Expansion Push
The transaction would leave Chevron with 55% and Namibia’s Namcor and Custos Energy with 10% each, pending regulatory approval.
- On Monday, QatarEnergy announced it will acquire a 25% interest in Petroleum Exploration Licence 0082 offshore Namibia from Chevron Namibia Exploration, subject to customary regulatory approvals.
- Namibia's offshore Orange Basin has emerged as an African energy hotspot with estimated reserves of 11 billion barrels of light oil and 2.2 trillion cubic feet of natural gas.
- The PEL82 exploration license covers 11,444 square kilometers at depths of 350 to 2,300 meters; upon completion, Chevron will retain 55% interest while Namcor and Custos Energy each hold 10%.
- Beyond the Namibian deal, QatarEnergy is partnering with Shell and TotalEnergies on exploration blocks while expanding internationally; last month it signed a 20-year agreement for three million tonnes of liquefied natural gas from Louisiana LNG.
- According to the US-based International Trade Administration, discoveries could unlock significant revenue for the Republic of Namibia, potentially more than doubling the country's gross domestic product by 2040 if proven commercially viable.
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After turning to the world's largest economy for gas supplies, Qatar takes stake in Chevron's oil block in Africa's newest oil hotspot as Iran war threatens its energy exports
Qatar is deepening its presence in Africa's emerging oil industry, taking a stake in an offshore exploration block in Namibia as the Iran war disrupts its liquefied natural gas (LNG) production and threatens its energy export revenues.
·New York, United States
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QatarEnergy Adds Chevron Block to Stakes in African Oil Hotspot
·New York, United States
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On Monday, Qatar Energy announced an agreement to acquire a 25 per cent share held by Chevron Namibia.
·Syrian Arab Republic (the)
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Qatar Energy Corporation has signed an agreement to acquire a 25 per cent share of a maritime exploration licence off the coast of Namibia, as part of a step to expand and diversify its activities in the African State.
Coverage Details
Total News Sources13
Leaning Left3Leaning Right0Center2Last UpdatedBias Distribution60% Left
Bias Distribution
- 60% of the sources lean Left
60% Left
L 60%
C 40%
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