Custos Energy, a Namibian oil and gas exploration company, has completed a farm-in agreement with Chevron Namibia Exploration II, a subsidiary of Chevron, for petroleum exploration licence 82 (PEL 82).
Under the deal, Chevron acquired an 80% participating interest and operatorship of the offshore block.
Custos and the National Petroleum Company of Namibia (NAMCOR) each hold a 10% stake following the transaction.
PEL 82, which covers blocks 2112B and 2212A, is considered one of the “most attractive” exploration opportunities in the Walvis Basin, according to Custos.
The area benefits from extensive seismic data, with more than 3,500km of 2D and 9,500km² of 3D coverage, Custos added.
The licence has seen previous drilling activity, including the Murombe-1 and Wingat-1 wells.
This transaction complements Chevron’s existing offshore exploration portfolio in Namibia, where it also operates PEL 90 in the Orange Basin.
In January, Chevron, alongside its joint venture partners Trago Energy and NAMCOR, completed its first deep-water offshore well in PEL 90.
Although the well did not yield a commercial discovery, it is said to have provided valuable insights into the geological characteristics of the basin.
Custos Energy chairman and chief executive Knowledge Katti said: “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.”
In January 2025, Chevron expressed interest in energy exploration in Greece, with the proposed exploration zone extending from south-west of the Peloponnese peninsula to west of Crete.
The US energy major currently operates gas fields in Israel and holds interests in Egypt and Cyprus.
Chevron submitted a non-binding expression of interest to the Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA) for an exploration block, reinforcing its plans to expand in the eastern Mediterranean.
