Chevron enters promising new oil and gas frontier offshore Namibia following “significant” discoveries
(WO) – According to Reuters, Namibia's national oil company, NAMCOR, has entered a significant development agreement with Chevron Namibia Exploration Ltd, a subsidiary of Chevron.
Under the terms of the agreement, Chevron will take an 80% operating working interest in an offshore block in Namibia’s Walvis basin, a promising new frontier that could yield massive amounts of undiscovered resources.
The deal reflects the growing interest of oil and gas companies in Namibia's potential, with recent offshore discoveries being among the largest in this century.
NAMCOR and Custos Energy will retain a 10% interest each in Petroleum Exploration License 82 (PEL 82).
Chevron is also the operator of another offshore block in Namibia’s prolific Orange basin and plans to drill an exploration well later this year.
The deal is seen as a positive step for Namibia's oil and gas sector, with NAMCOR's interim managing director expressing optimism about the partnership's contribution to the country's energy landscape.
Namibia aims to start its oil and gas production by 2030 as potentially significant discoveries by Shell, TotalEnergies and Galp Energia are appraised.
This story was originally reported by Reuters.
