Namibia's national oil company (NAMCOR) has signed a development deal with Chevron that will see the U.S. oil major take an 80% operating working interest in an offshore block in the Walvis Basin, NAMCOR said on Monday.
Oil companies are flocking to Namibia, excited by the
southern African country's plans to open up a major new frontier basin, with
recent offshore finds ranking among the largest this century.
The farm-out agreement with Chevron Namibia Exploration
Limited (CNEL) will see the National Petroleum Corporation of Namibia (NAMCOR)
and local company Custos Energy each retain a 10% interest in petroleum
exploration license 82.
"Chevron looks forward to working with our partners to
continue exploration activities and support Namibia’s energy sector," a
spokesperson said.
In addition to this acquisition, Chevron Namibia Exploration
Ltd is the operator of the PEL 90, an offshore deepwater block located in the
prolific Orange Basin where Galp also made a large discovery earlier this
month.
The Chevron spokesperson confirmed it planned to drill an
exploration well in the block in the fourth quarter of this year.
NAMCOR's interim managing director, Ebson Uanguta, welcomed
the deal.
"Our partnership with CNEL and Custos Energy represents
a shared vision for the future of Namibia's energy landscape," Uanguta
said in a statement.
Namibia, which has yet to produce any oil or gas, has become
an exploration hotspot after offshore discoveries by TotalEnergies and Shell,
and is planning for its first output by 2030.
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