Sintana Energy Inc. has noted that QatarEnergy has agreed to acquire a 25% participating interest in Petroleum Exploration Licence 82 (PEL 82), offshore Namibia, from an affiliate of Chevron Corporation.
Custos Energy (Pty) Ltd. holds a 10% participating interest in PEL 82 and Sintana maintains a 49% indirect interest in Custos. Sintana said that Custos’ interest in PEL 82, and therefore its own indirect interest, is unchanged by the transaction.
Under the agreed ownership structure after completion, Chevron will remain operator of PEL 82 with a 55% interest, down from 80%. QatarEnergy will hold 25%, while the National Petroleum Corporation of Namibia (NAMCOR) and Custos will each continue to hold 10%.
QatarEnergy is already involved in PEL 90 alongside Chevron. Its entry into PEL 82 comes as the partners continue exploration activities on the licence.
Completion of the transaction is subject to customary regulatory approvals. The consideration payable to Chevron has not been disclosed.
Management view
Robert Bose, chief executive of Sintana Energy, welcomed the move, saying: “We welcome QatarEnergy’s entry into PEL 82. Its decision to take a 25% interest alongside Chevron is a further endorsement of the Walvis Basin, the potential of PEL 82 and another confirmation of the quality and scale of our Namibian portfolio.
“Through Custos, Sintana retains exposure to the significant prospectivity of PEL 82 with its interest unchanged. We look forward to unveiling the potential of PEL 82 together the JV partners as exploration activities progress.”
About PEL 82
PEL 82 is offshore Namibia in the Walvis Basin and covers Blocks 2112B and 2212A. The licence lies in water depths of 350 to 2,300 metres and spans approximately 11,450 km².
Existing seismic data covers around 70% of the licence area. Previous drilling on the licence includes the Wingat-1 and Murombe-1 wells. The licence is currently in an exploration period, is operated by Chevron and has no reserves or resources attributed to it.
Following completion, the joint venture participants in PEL 82 will be Chevron (55%), QatarEnergy (25%), NAMCOR (10%) and Custos (10%).
