QatarEnergy Acquires 25% Stake in Chevron-Operated Offshore Namibia License PEL 82

WINDHOEK — QatarEnergy has entered into an agreement with a subsidiary of Chevron Corporation to acquire a 25% participating interest in Petroleum Exploration License 82 (PEL 82) offshore Namibia.

Following completion and subject to standard regulatory approvals in Namibia, operator Chevron Namibia Exploration Limited will retain a 55% interest, while state oil company National Petroleum Corporation of Namibia (NAMCOR) and local partner Custos Energy will each maintain 10% participating stakes.

Operational Footprint & Exploration Geology

The transaction expands QatarEnergy's exposure to frontier deepwater basins across Southern Africa:

• Acreage Profile: PEL 82 covers an area exceeding 11,400 square kilometers in the Walvis Basin offshore Namibia,with water depths reaching up to 2,300 meters.
• Consortium Ownership: Chevron Namibia Exploration Limited (Operator, 55%), QatarEnergy (25%), NAMCOR (10%), and Custos Energy (10%).
• Asset Synergy: The farm-in complements QatarEnergy's existing Namibian deepwater exploration portfolio, which includes participating interests in Petroleum Exploration License 39 (PEL 39) alongside Shell and NAMCOR, as well as joint ventures with TotalEnergies across the Orange Basin.

Strategic Context & Upstream Growth Pipeline

The farm-in reflects continued international institutional capital deployment into Namibia's offshore hydrocarbons sector:

• Upstream Strategy: QatarEnergy continues to scale its international upstream portfolio to complement its global LNG and deepwater exploration assets across Sub-Saharan Africa, Latin America, and North America.
• Regional Development Activity: The license acquisition coincides with accelerating appraisal campaigns across adjacent Namibian offshore blocks, where operators TotalEnergies and Shell are evaluating major light oil discoveries including the Venus and Graff complexes.

Executive Commentary

"We are pleased to expand our exploration footprint in Namibia through this partnership with Chevron in PEL 82. This agreement strengthens our positioning in one of Africa's most promising frontier hydrocarbon basins and reflects our commitment to executing our global exploration mandate."
— Saad Sherida Al-Kaabi, Minister of State for Energy Affairs and President & CEO of QatarEnergy

Transaction Advisory

• Farm-Out Seller / Operator: Chevron Namibia Exploration Limited (Retains 55% Operating Stake).
• Farm-In Buyer: QatarEnergy (Acquires 25% Participating Interest).
• Local Joint Venture Partners: National Petroleum Corporation of Namibia (NAMCOR, 10%), Custos Energy (10%).

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