Chevron acquires majority stake in Namibian offshore licence

The National Petroleum Corporation of Namibia (Namcor) has announced that United States oil major Chevron Namibia Exploration Limited (CNEL) will take over an 80% stake in petroleum exploration licence 82 (PEL 82) in the Walvis Basin, offshore Namibia.

As part of the arrangement, Namcor and Custos Energy will each retain a 10% carried interest.

The completion of this transaction is contingent upon receiving regulatory approvals from the mines and energy ministry.

“The strategic partnership with Chevron and Custos Energy allows us to attract reputable international operators such as Chevron with financial capacity and technical expertise capable of safely drilling deep water offshore wells to unlock hydrocarbon prospectivity in under-explored offshore areas such as the Walvis Basin,” said Namcor interim managing director Ebson Uanguta.

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