Custos Energy, a Namibian oil and gas exploration company, has finalized a farm-in agreement with Chevron Namibia Exploration II, a subsidiary of Chevron, for petroleum exploration license 82 (PEL 82).
Chevron has secured an 80% participating interest and assumed operatorship of the offshore block under the agreement.
Following the transaction, Custos and the National Petroleum Company of Namibia (NAMCOR) each retain a 10% stake.
Custos considers PEL 82—covering blocks 2112B and 2212A—one of the most promising exploration prospects in the Walvis Basin.
According to Custos, the area benefits from extensive seismic data, with over 3,500 km of 2D and 9,500 km² of 3D coverage.
Previous drilling activity in the license area includes the Murombe-1 and Wingat-1 wells.
This acquisition strengthens Chevron’s offshore exploration portfolio in Namibia, complementing its existing operations in PEL 90 within the Orange Basin.
In January, Chevron and its joint venture partners, Trago Energy and NAMCOR, completed their first deep-water offshore well in PEL 90.
Although the well did not result in a commercial discovery, it provided valuable geological insights into the basin.
Custos Energy Chairman and CEO Knowledge Katti highlighted Chevron’s entry into PEL 82 as a testament to the quality and potential of their offshore portfolio.
He expressed excitement about expanding their partnership with Chevron to explore another emerging basin in Namibia.
In January 2025, Chevron signaled interest in energy exploration in Greece, targeting an area southwest of the Peloponnese peninsula and west of Crete.
The US energy giant currently manages gas fields in Israel and holds interests in Egypt and Cyprus.
Chevron has submitted a non-binding expression of interest to the Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA) for an exploration block, reinforcing its expansion strategy in the eastern Mediterranean.
Source:offshore-technology
African Energy Council