WCustos Energy, a Namibian oil and gas exploration company, has finalised a farm-in agreement granting Chevron Namibia Exploration II, a subsidiary of Chevron, an 80 per cent participating interest and operatorship of petroleum exploration licence 82 (PEL 82).
Custos and the National Petroleum Company of Namibia (NAMCOR) will each retain a 10 per cent stake in the offshore block.
PEL 82, encompassing blocks 2112B and 2212A, is situated in the Walvis Basin and is highly regarded for its exploration potential.
Custos highlights the availability of extensive seismic data, including over 3,500 kilometres of 2D and 9,500 square kilometres of 3D coverage, as a key advantage.
The licence area has also been the site of prior drilling activities, including the Murombe-1 and Wingat-1 wells.
This deal bolsters Chevron’s existing offshore exploration activities in Namibia, complementing its operations in PEL 90 within the Orange Basin.
In January, Chevron, together with joint venture partners Trago Energy and NAMCOR, concluded the drilling of its first deep-water offshore well in PEL 90.
While the well didn’t result in a commercial discovery, it provided critical data regarding the basin’s geological composition.
Knowledge Katti, Chairman and CEO of Custos Energy, stated: “Completion of Chevron’s entry into PEL 82 is another indicator of the quality and opportunity associated with our offshore portfolio.
“We are thrilled to expand our partnership with Chevron positioning us to unveil together another emerging Basin in Namibia.”
Chevron‘s interest in expanding its exploration activities isn’t limited to Namibia.
In January 2025, the company expressed interest in energy exploration in Greece, submitting a non-binding expression of interest to the Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA) for an exploration block stretching from south-west of the Peloponnese peninsula to west of Crete.
The US energy giant already has a significant presence in the Eastern Mediterranean, operating gas fields in Israel and holding interests in Egypt and Cyprus.
