The National Petroleum Corporation of Namibia (NAMCOR) has signed a Farm-Out Agreement with Chevron Namibia Exploration Limited (CNEL), a subsidiary of Chevron Global Energy Inc.
Under the agreement, CNEL will acquire an 80% operating working interest in Petroleum Exploration License 82 (PEL 82), situated in the prolific Walvis Basin, offshore Namibia.
Under the terms of the agreement, stateowned NAMCOR and Custos Energy will each retain a 10% carried interest.
“This strategic collaboration underscores NAMCOR’s commitment to enhancing the exploration potential and development of Namibia’s offshore resources, specifically in the underexplored basins in Namibia that hold much promise,” said Ebson Uanguta, Interim Managing Director of NAMCOR.
He said the transaction is subject to regulatory approvals from the Ministry of Mines and Energy.
“NAMCOR, alongside its partners, looks forward to the closure of this transaction and to continuing its partnership with Chevron,” he said.
Uanguta said the partnership is set to further exploration activities within the Walvis Basin and support the sustainable development of Namibia’s energy sector.
“Our partnership with CNEL and Custos Energy represents a shared vision for the future of Namibia’s energy landscape, bringing together significant expertise and resources that will help propel our national interests and economic growth, and truly turn our possibilities into prosperity for Namibia,” he said.
The collaboration marks a pivotal moment in Namibia’s oil and gas industry and is aligned with NAMCOR’s strategic objectives of facilitating the exploration and sustainable development of the country’s hydrocarbon resources.
