U.S. oil and gas major Chevron has completed the arm-in agreement with Custos Energy and NAMCOR for PEL 82 in the Walvis Basin offshore Namibia, acquiring an 80% participating interest and operatorship of the development.
Following Chevron’s 80% farm-in, Custos and the National Petroleum Corporation of Namibia (NAMCOR) each retained a 10% interest.
The transaction marks a significant step in the development of Namibia’s offshore oil and gas sector. PEL 82, which covers blocks 2112B and 2212A, is considered one of the most attractive opportunities in the Walvis Basin.
Notably, around 70% of the total block area is already covered by extensive seismic data - over 3,500 km of 2D and 9,500 km2 of 3D data, according to African Energy Chamber.
Previous drilling activities on PEL 82, such as the Murombe-1 and Wingat-1 wells, have provided valuable insights into the potential of the area.
Chevron’s acquisition of an interest in PEL 82 complements its existing offshore exploration efforts in Namibia, where it operates PEL 90 in the Orange Basin.
The company’s entry into PEL 82 is part of its broader strategy to expand its exploration acreage in promising global geological plays and further solidifies Namibia’s position as a leading frontier for oil and gas exploration.