QatarEnergy is set to hold participating interests in five offshore petroleum exploration licences covering approximately 45,444 square kilometres in Namibia, giving the Qatari state-owned company a broader portfolio by licence count than TotalEnergies, which currently operates three licences containing the Venus and Mopane oil discoveries.
The expansion follows QatarEnergy’s agreement, announced on 9 November 2026, to acquire a 25% participating interest in Chevron-operated Petroleum Exploration Licence 82 (PEL 82), adding 11,444 square kilometres in the Walvis Basin to its existing interests in four Orange Basin licences.
The transaction, which remains subject to regulatory approval, will take QatarEnergy’s Namibian offshore portfolio to five licences, with participating interests ranging from 25% to 45%.
By comparison, TotalEnergies holds operated interests of between 33.09% and 40% in three offshore licences — PEL 56, PEL 91 and PEL 83 — and is pursuing a fourth through its proposed entry into PEL 104.
QatarEnergy builds five-licence portfolio
QatarEnergy’s expansion in Namibia began in August 2019 when it acquired interests in PEL 56 and PEL 91, both subsequently associated with TotalEnergies’ offshore exploration activities.
It expanded its position in April 2021 through the acquisition of a 45% participating interest in Shell-operated PEL 39.
The company strengthened its holdings in November 2024 by increasing its participating interests in PEL 56 and PEL 91, before announcing a 27.5% interest in Chevron-operated PEL 90 the following month.
By June 2026, QatarEnergy reported that its four Namibian offshore licences covered approximately 34,000 square kilometres.
The latest PEL 82 agreement increases the combined area of the licences in which QatarEnergy participates by approximately 11,444 square kilometres, taking its portfolio to 45,444 square kilometres.
Its largest holding is 45% in PEL 39, operated by Shell, where the Graff, Jonker and Merlin oil discoveries have been made.
QatarEnergy also holds 35.25% in PEL 56, containing the Venus discovery, and approximately 33.03% in neighbouring PEL 91.
Both licences are operated by TotalEnergies.
Its fourth interest is 27.5% in PEL 90, operated by a Chevron subsidiary, while the proposed acquisition will give it 25% in PEL 82.
QatarEnergy does not operate any of these five licences, but participates alongside international oil companies and Namibia’s national oil company, NAMCOR.
TotalEnergies controls major discoveries
TotalEnergies has fewer confirmed offshore licence interests than QatarEnergy but holds operatorship of three important exploration areas.
The company has a 35.25% operated interest in PEL 56, where the Venus oil discovery was made in February 2022.
It also holds a 33.09% operated interest in neighbouring PEL 91.
On 3 September 2026, TotalEnergies completed its acquisition of a 40% operated interest in PEL 83 from Galp, giving it control of the exploration and appraisal programme associated with the Mopane discovery.
Following the transaction, Galp retained 40% of PEL 83, while NAMCOR and Custos Energy each held 10%.
The agreement also resulted in Galp acquiring 10% of PEL 56 and approximately 9.39% of PEL 91 from TotalEnergies.
The French company consequently became the operator of Namibia’s two largest reported offshore oil discoveries, Venus and Mopane.
TotalEnergies has also announced plans to enter PEL 104 in the Lüderitz Basin with a proposed 42.5% operated interest, subject to the necessary approvals.
The distinction between the two companies is significant.
QatarEnergy’s five interests provide exposure to exploration and potential development activities across several licences, while TotalEnergies’ operatorship gives it responsibility for managing work programmes, drilling campaigns and development planning on behalf of its partners.
QatarEnergy’s interests range from 25% to 45%
QatarEnergy’s five participating interests vary considerably in size.
Its 45% holding in PEL 39 is its largest percentage interest, followed by 35.25% in PEL 56, 33.03% in PEL 91, 27.5% in PEL 90 and the proposed 25% in PEL 82.
TotalEnergies holds 40% in PEL 83, 35.25% in PEL 56 and 33.09% in PEL 91.
The percentages represent ownership interests in individual licences and cannot be added together to establish either company’s share of Namibia’s offshore petroleum resources.
QatarEnergy’s published figure of approximately 45,444 square kilometres represents gross licence acreage. It does not mean the company owns or controls that entire area.
Similarly, the commercial value of each holding depends on the resources discovered, their recoverability, development costs and eventual production.
A smaller interest in a commercially viable discovery could therefore be more valuable than a larger interest in an unexplored licence.
The latest acquisition marks QatarEnergy’s entry into another offshore exploration area beyond its established Orange Basin portfolio.
PEL 82 covers blocks 2112B and 2212A in the Walvis Basin, with water depths ranging from 350 to 2,300 metres.
Under the agreement, QatarEnergy will acquire a 25% participating interest from Chevron Namibia Exploration II Limited.
Chevron will retain 55% and continue operating the licence, while NAMCOR, through Namcor E&P, and Custos Energy will each retain 10%.
The agreement represents QatarEnergy’s second offshore exploration partnership with Chevron in Namibia, following its entry into PEL 90 in December 2024.
The financial value of the latest transaction has not been disclosed, and QatarEnergy has not provided a completion timetable.
PEL 82 remains an exploration asset, with no announced commercial petroleum production.
The acquisition will therefore expand QatarEnergy’s exposure to Namibia’s offshore exploration potential rather than immediately increase its oil output.
Different positions in Namibia’s oil industry
QatarEnergy’s expansion has placed it alongside Shell, TotalEnergies and Chevron across several exploration licences, giving it exposure to different geological prospects and discoveries.
Its position in PEL 39 includes participation in the Graff, Jonker and Merlin discoveries.
On 9 June 2026, QatarEnergy announced that the Merlin-1X well had encountered encouraging results, including good reservoir quality, light oil and limited associated gas.
The company described the well as the tenth drilled on PEL 39 and the most promising subsurface result recorded on the licence to that date.
Its interests in PEL 56 and PEL 91 also connect QatarEnergy to the Venus development opportunity, while its Chevron partnerships provide exposure to further exploration acreage.
TotalEnergies, meanwhile, is concentrating on the appraisal and potential development of Venus and Mopane.
Following completion of the PEL 83 transaction in September 2026, TotalEnergies said it intended to undertake a three-well appraisal programme at Mopane, to reach a final investment decision in 2028.
QatarEnergy deepens Namibia commitment
QatarEnergy president and chief executive Saad Sherida Al-Kaabi, who is also Qatar’s Minister of State for Energy Affairs, said the latest acquisition would strengthen the company’s relationship with Chevron and expand its Namibian exploration portfolio.
“We are pleased to further strengthen our relations with Chevron through this agreement, and to expand and diversify our footprint in Namibia. We would like to thank the Namibian authorities for their cooperation and support, and we look forward to working with our partners to progress exploration activities and achieve positive results for the benefit of all stakeholders.”
The agreement adds another licence to a Namibian portfolio built over seven years, during which QatarEnergy has participated in some of the country’s most important offshore discoveries.
Subject to approval of the PEL 82 transaction, QatarEnergy will hold five offshore exploration interests covering approximately 45,444 square kilometres of combined licence acreage, compared with TotalEnergies’ three confirmed operated licences.
