QatarEnergy discovers oil offshore Namibia

QatarEnergy announced a significant oil discovery at the Merlin-1X exploration well in Petroleum Exploration License 39 (PEL 0039), offshore Namibia. This is the tenth well drilled under the license and has yielded the most promising subsurface results to date, characterized by good reservoir quality, light oil, and limited associated gas. This discovery follows three earlier announcements in Namibia and strengthens confidence in the South Africa — Orange Basin as an emerging world-class hydrocarbon province. The find aligns with QatarEnergy's strategy to expand its international upstream portfolio through high-impact exploration. QatarEnergy holds interests in four offshore exploration licenses in Namibia, collectively covering approximately 34,000 square kilometers. The South Africa — Orange Basin has transformed into a global hotspot for energy exploration, with major discoveries attracting supermajors and heightening expectations for commercial development by the late 2020s. The Namibian government, through the National Petroleum Corporation of Namibia, is actively promoting further licensing and preparing infrastructure for a potential economic step-change.