Niël Terblanché
Custos Energy has announced the completion of Chevron Namibia Exploration II Limited’s farm-in into Petroleum Exploration License 82 (PEL 82), marking a. expansion of Chevron’s offshore exploration activities in Namibia.
According to Knowledge Katti, chairman and chief executive officer of Custos, Chevron now holds an 80% participating interest and operatorship in PEL 82, with Custos Energy and the National Petroleum Corporation of Namibia (NAMCOR) each retaining 10% interests.
“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,” Katti said in an announcement on Monday.
PEL 82 encompasses blocks 2112B and 2212A in the Walvis Basin, an area considered one of the basin’s most attractive opportunities.
Approximately 70% of the total block area is covered by extensive existing seismic data, including over 3,500 km of 2D and 9,500 km² of 3D data.
Previous drilling activities in PEL 82 include the Murombe-1 and Wingat-1 wells.
Chevron reported that the acquisition adds to its existing offshore exploration portfolio in Namibia, where it currently operates Petroleum Exploration License 90 (PEL 90) in the Orange Basin.
In January, Chevron, along with joint venture partners Trago Energy, a subsidiary of Custos, and NAMCOR, completed its first deepwater offshore well in PEL 90.
Although the well did not yield the desired commercial outcome, the drilling program provided valuable information on key aspects of the basin.
The oil company said in a statement that the PEL 82 interest acquisition aligns with Chevron’s exploration strategy of growing exploration acreage in prospective and promising geological plays globally.
“By expanding its presence in Namibia’s offshore basins, Chevron aims to leverage its expertise in deepwater exploration to unlock potential hydrocarbon resources in the region,” the company said.
