Namibia’s Namcor in deal with Chevron to develop offshore block
Oil companies are flocking to Namibia, excited by the country’s plans to open up a major new frontier basin
29 April 2024 - 10:12
byWendell Roelf
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An oil and gas drilling platform stands offshore in the Gulf of Mexico in Dauphin Island, Alabama. Picture: REUTERS/STEVE NESIUS
Namibia’s national oil company has signed a development deal with Chevron that will see the US oil major take an 80% operating working interest in an offshore block in the Walvis Basin, it said on Monday.
The farm-out agreement with Chevron Namibia Exploration Limited (CNEL) will see the National Petroleum Corporation of Namibia (Namcor) and local company Custos Energy each retain a 10% interest in petroleum exploration licence 82.
Oil companies are flocking to Namibia, excited by the country’s plans to open up a major new frontier basin with recent offshore finds ranking among the largest this century.
“Our partnership with CNEL and Custos Energy represents a shared vision for the future of Namibia's energy landscape,” Ebson Uanguta, interim managing director of Namcor, said in a statement.
Namibia, which has yet to produce any oil or gas, has become an exploration hotspot after offshore discoveries by TotalEnergies and Shell, and is planning for its first output by 2030.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Namibia’s Namcor in deal with Chevron to develop offshore block
Oil companies are flocking to Namibia, excited by the country’s plans to open up a major new frontier basin
Namibia’s national oil company has signed a development deal with Chevron that will see the US oil major take an 80% operating working interest in an offshore block in the Walvis Basin, it said on Monday.
The farm-out agreement with Chevron Namibia Exploration Limited (CNEL) will see the National Petroleum Corporation of Namibia (Namcor) and local company Custos Energy each retain a 10% interest in petroleum exploration licence 82.
Oil companies are flocking to Namibia, excited by the country’s plans to open up a major new frontier basin with recent offshore finds ranking among the largest this century.
“Our partnership with CNEL and Custos Energy represents a shared vision for the future of Namibia's energy landscape,” Ebson Uanguta, interim managing director of Namcor, said in a statement.
Namibia, which has yet to produce any oil or gas, has become an exploration hotspot after offshore discoveries by TotalEnergies and Shell, and is planning for its first output by 2030.
Reuters
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