The National Petroleum Corporation (Namcor), has signed a farm-out agreement with Chevron to establish Chevron Namibia Exploration Limited (CNEL).
This was confirmed by Namcor spokesperson Utaara Hoveka.
The venture company will hold an 80% operating working interest in the offshore oil exploration area PEL82.
Namcor and Custos Energy will each hold a 10% share in the deal.
Ebson Uangutua, interim managing director of Namcor, explained that this partnership reflects a collective vision for the future of Namibia’s energy landscape.
Reporter: Ester Mbathera
