Chevron signs farm-out agreement with Namcor
The National Petroleum Corporation of Namibia (Namcor) has announced the signing of a farm-out agreement with Chevron Namibia Exploration Limited (CNEL), a subsidiary of Chevron Global Energy Inc.The agreement will see CNEL acquire an 80% operating working interest in Petroleum Exploration License 82 (PEL 82), situated in the Walvis Basin, offshore Namibia. Under the terms of the agreement, Namcor and Custos Energy will each retain a 10% carried interest.
The transaction is subject to applicable regulatory approvals from the ministry of mines.
Sustainable development
Namcor, along with its partners, said it looks forward to the finalisation of the transaction and continuing its partnership with Chevron. The partnership is set to further exploration activities within the Walvis Basin and support the sustainable development of Namibia’s energy sector.
Interim Namcor MD Ebson Uanguta said the involvement of Chevron will bring significant expertise.
“Our partnership with Chevron and Custos Energy represents a shared vision for the future of Namibia’s energy landscape, bringing together significant expertise and resources that will help propel our national interests and economic growth and truly [transform] our possibilities into prosperity for Namibia,” he said.
Planning underway
Meanwhile, Chevron announced its intent last year to begin drilling activities in the Orange Basin later this year.
The company is applying for approval for an offshore exploration programme and has begun public engagement processes. The approval would cover up to five exploration wells and five appraisal wells.
Chevron is working on Block 2813B via Harmattan Energy, also known as Petroleum Exploration Licence 90. The area covers 5 433 square kilometres, with water depths ranging from 2 300 to 3 300 metres.
The block is situated to the north of Block 2913B, where TotalEnergies has made discoveries, including Venus.