#Namibia #Windhoek #Chevron #PEL 82 #Custos Energy

Chevron Expands Operations in Namibia's PEL 82

Custos Energy (Pty) Ltd. has exciting news regarding its recent collaborations in Namibia's offshore oil exploration sector. On February 7, 2025, the company announced the completion of a farm-in by Chevron Namibia Exploration II Limited, a subsidiary of Chevron Corporation, into Petroleum Exploration License 82 (PEL 82). This agreement marks a significant development as Chevron assumes an 80% participating interest and operational control over this promising license, leaving Custos and the National Petroleum Company of Namibia (NAMCOR) with a 10% share each.

PEL 82 encompasses blocks 2112B and 2212A within the Walvis Basin, which is renowned for its potential in oil and gas discoveries. The area held under PEL 82 is deemed one of the most attractive exploration opportunities currently available in the Walvis Basin, given that approximately 70% of the total area has already been mapped using extensive seismic surveys that account for over 3,500 kilometers of 2D data and 9,500 square kilometers of 3D data. This previous exploration work has prepared the ground for what could potentially be an influx of new drilling initiatives.

Historically, PEL 82 has been the site of several drilling attempts, specifically the Murombe-1 and Wingat-1 wells. Although these efforts yielded limited outcomes, the acquisition of an interest in PEL 82 enhances Chevron's existing offshore exploration portfolio in Namibia, particularly as it concurrently operates the Petroleum Exploration License 90 (PEL 90) in the Orange Basin. With its joint venture partners, Trago Energy (Pty) Ltd. and NAMCOR, Chevron recently achieved a significant milestone by completing its first deepwater offshore well in PEL 90 in January 2025, although the drilling did not result in the commercial success initially hoped for.

The recent acquisition of PEL 82 aligns perfectly with Chevron's ambitious exploration strategy, broadening its footprint in high-potential geological plays across the globe. As Knowledge Katti, Chairman and CEO of Custos, remarked, “The completion of Chevron's entry into PEL 82 is another indicator of the quality and opportunity associated with our offshore portfolio. We are thrilled to expand our partnership with Chevron, positioning us to unveil together another emerging basin in Namibia.”

Custos Energy is a prominent player in the Namibian independent oil and gas exploring sphere, established over a decade ago under the leadership of Knowledge Katti. The company passionately aims to attract international investment and expertise to the Namibian offshore industry, all while ensuring the benefits of their operations extend to stakeholder communities. In partnership with the Knowledge Foundation, Custos is dedicated to a sustainable future for Namibia, with a significant focus on fostering opportunities and support for the youth in the region.

With this latest development, Custos Energy stands as a grateful partner in the effort to explore the rich resources available in Namibia, proud to be among the first local companies to achieve a significant discovery in the area alongside their partners. Moving forward, the potential for economic growth and community development looks promising as Custos and Chevron collaborate to unlock the significant natural resources of PEL 82 for the benefit of all Namibians.