Chevron to acquire majority stake in exploration licence in Namibia
by Moneyofficeteam 30 April 2024 · Exploration
Chevron Namibia Exploration, an affiliate of Chevron, has agreed to a farm-in agreement with the National Petroleum Corporation of Namibia (NAMCOR) for PEL 82.
The deal will see Chevron’s unit acquire an 80% interest and operatorship in PEL 82, which encompasses blocks 2112B and 2212A in the Walvis Basin offshore Namibia.
Approximately 70% of the total block area is supported by existing seismic surveys, including 3,500km of 2D and 9,500km² of 3D data.
The area’s potential has been previously tapped by the drilling of the Murombe-1 and Wingat-1 wells.
These wells have confirmed the regional extension and presence of the Barremian-Aptian oil-prone source rock known as the Kudu shale.
Notably, the Murombe-1 well encountered the Baobab sands, which exhibited around 20% porosity, while the Wingat-1 well successfully recovered 38–41° API oil to the surface.
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NAMCOR and Custos Energy will each retain a 10% carried interest in PEL 82, as per Custos Energy’s announcement.
Custos chairman and CEO, and Sintana director Knowledge Katti said: “We are pleased to announce the continuing expansion of our in-country partnership with Chevron through their entry in PEL 82. This is one of the most advanced and interesting opportunities offshore Namibia outside of the Orange Basin.
“We are pleased to see our efforts over the last decade on PEL 82 result in this important step forward, adding further to Namibia’s world-class offshore opportunity.”
This agreement marks a continuation of Chevron Namibia Exploration’s operatorship in the region, which includes PEL 90, an offshore deepwater block in the productive Orange basin.
In the Orange basin, Galp recently announced a significant discovery at the Mopane field, estimated to hold more than ten billion barrels of oil.
The Mopane field lies within PEL 83, another section of the Orange basin.
Earlier this month, Sintana Energy, which has an indirect 49% stake in Custos Energy, agreed to acquire up to a 67% stake in Giraffe Energy Investments.
Giraffe Energy currently holds a 33% interest in Orange basin’s PEL 79, which includes blocks 2815 and 2915, with NAMCOR as the operating partner holding a 67% interest.
