Chevron Expands Presence in Namibia with New License Acquisition

Chevron Namibia Exploration Limited (CNEL), an affiliate of the U.S.-headquartered energy giant Chevron, has recently made significant strides in its offshore oil and gas exploration efforts in Namibia. The company has secured a new license that allows it to take on the role of operator at two blocks in the African country.

In April 2024, Chevron announced its agreement to enter into petroleum exploration license 82 (PEL 82), marking a strategic move to enhance its exploration acreage in promising geological plays globally. As part of the deal, Chevron has acquired an 80% working interest and operatorship of PEL 82, with the National Petroleum Corporation of Namibia (NAMCOR) and Custos Energy holding 10% each, and Canada’s Sintana Energy owning an indirect 49% interest in Custos.

The license encompasses blocks 2112B and 2212A in the Walvis Basin off the coast of Namibia, an area known for previous drilling activities such as the Murombe-1 and Wingat-1 wells. With extensive existing seismic data covering approximately 70% of the block area, PEL 82 is considered one of the most attractive opportunities in the Walvis Basin.

Knowledge Katti, Chairman and CEO of Custos, expressed his enthusiasm about Chevron’s entry into PEL 82, highlighting the quality and potential of their offshore portfolio. This partnership with Chevron is poised to unlock the potential of another emerging Basin in Namibia.

Chevron’s acquisition of a majority stake in PEL 82 complements its existing offshore exploration activities in Namibia. The company currently operates PEL 90 in the Orange Basin, where it recently completed its first deepwater offshore well in January 2025 in collaboration with Trago Energy and NAMCOR.

Although the drilling program in the Orange Basin did not result in commercial hydrocarbon discoveries, it provided valuable insights into the basin’s geology and potential, underscoring Chevron’s commitment to advancing exploration efforts in the region.