Chevron has moved into the Walvis Basin through a farm-out agreement with Namcor and Custos Energy.
The parties agreed on Monday that Chevron will have an 80% working interest in PEL 82, while Namcor and Custos will have 10% carried interest each.
Namcor interim managing director Ebson Uanguta said the strategic partnership with Chevron and Custos Energy allows them to attract reputable international operators with financial capacity and technical expertise capable of safely drilling deep water offshore wells to unlock hydrocarbon prospectivity in under-explored offshore areas such as the Walvis Basin.
Uanguta said the partnership aligns with Namcor’s strategic objectives to facilitate the exploration and sustainable development of the country’s hydrocarbon resources.
The transaction awaits the mines ministry’s regulatory approvals.
Chevron is preparing to start drilling on PEL 90 on Block 2813B in the Orange Basin.
The company returned to Namibia in October 2022 through a deal with Trago Energy (Pty) Ltd., the Namibian affiliate of Sintana Energy Inc.
Chevron Namibia Exploration Ltd., a wholly owned subsidiary of Chevron, acquired an 80% working interest in the license, while Trago retained a 10% interest.
