10 November 2026
10 November 2026
Brent crude has now retreated roughly 22% from its six-month high as fears of a broader US-Iran military confrontation subside.
Chevron will remain operator with 55%, while existing partners Namcor E&P and Custos Energy will each retain 10%.
The 605km² licence includes the Carpentaria Pilot Project and can be renewed while commercial viability is assessed.
The transaction brings together two Canadian heavy oil and oil sands producers, with closing anticipated after shareholder meetings.
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