Petrovena Energy will be granted a licence for an oil block in the highly prospective Orange Basin, its Canadian partner, Oregen Energy, said on Tuesday.
“Petrovena has recently been issued an award letter to enter into a petroleum agreement and be granted a licence on block 2812Ab,” Oregen said.
The National Petroleum Corporation of Namibia (Namcor) recently said an application had been submitted for a licence for that block.
Namcor was unable to confirm the award of the block to Petrovena, but said it would keep 10% of any awarded petroleum licence.
An award letter is not equivalent to a licence. The letter suggests that the Ministry of Industries, Mines and Energy intends to award the company the block, subject to conditions.
If granted an exploration licence for the oil block, Petrovena will expand its footprint in the Orange Basin near the discoveries of Venus and Mopane.
Oregon added that it is considering investing in Petrovena Energy in order to gain access to oil block 2812Ab.
“We are advancing the evaluation of an investment in the share capital of Petrovena, which could materially increase our exposure to the Orange Basin, including block 2812Ab, which we believe is one of the most attractive oil exploration opportunities globally,” Oregen chief executive Mason Granger says.
The company signed a letter of intent with Petrovena, which allows both entities to negotiate a possible sale of share capital to Oregen.
Petrovena and Oregen are already partners in petroleum exploration licence (PEL) 107, which is north of the 2812Ab block.
PEL107 is 70% owned by West Oil Ltd and 15% owned by Petrovena, with the remaining 15% held by Namcor.
Oregen entered the licence in early 2025 when it bought up a 53% stake of West Oil Limited.
Petrovena, formerly Vena Gemstones, also had a strong interest in the oil block that sits between PEL107 and the new oil block, 2812Aa.
In 2023, the company took the mines minister to court for granting a PEL for oil block 2812Aa to Zambezi Exploration.
Vena managing director Nangutuwala Kalumbu said in his affidavit that his company had submitted an application for a
licence three months before its competitors.
“I submit that in the circumstances, the decision by the [minister] is unfair, unreasonable, irrational, and violates Article 18 of the Constitution,” Kalumbu said.
He requested a review of the minister’s decision. The decision was finally settled outside of court in 2025 – with Zambezi Exploration continuing to hold its licence for the contested oil block.
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