Namibia: Chevron acquires a majority stake in an oil block.

US oil and gas giant Chevron has finalised a joint venture agreement with Custos Energy and the National Petroleum Corporation of Namibia (NAMCOR) to acquire an 80% majority interest and operate the PEL 82 exploration licence in the Walvis Basin, offshore Namibia.

Following this transaction, Custos Energy and NAMCOR will each retain a 10% stake, strengthening their involvement in the development of Namibia's offshore oil sector. This partnership marks a strategic milestone for the region, confirming its potential as an attractive hub for hydrocarbon exploration and exploitation.

The PEL 82 licence, which covers blocks 2112B and 2212A, is considered to be one of the most promising opportunities in the Walvis Basin. Nearly 70% of its area is already covered by extensive seismic data, including more than 3,500 km of 2D surveys and 9,500 km² of 3D data, according to the African Chamber of Energy.

Previous drilling activities on PEL 82, notably the Murombe-1 and Wingat-1 wells, have provided crucial information on the geological potential of the area, reinforcing the interest of investors and operators in this region.

Chevron's acquisition of PEL 82 is part of its broader strategy to expand its offshore exploration footprint in Namibia. The company already operates PEL 90 in the Orange Basin, consolidating its position in a country that is emerging as a leading frontier for oil and gas exploration and production.

Chevron's expansion into Namibia illustrates the growing interest of the sector's majors in promising geological zones, as the oil industry continues to seek new sources of supply to meet global demand.