10 February 2025
10 February 2025
This deal strengthens Chevron's offshore portfolio in Namibia, adding to its operations in PEL 90 in the Orange Basin.
The move is part of bp's strategy to realign its business portfolio with the changing energy landscape.
The company reported 14% EBITDA growth to $8.65bn, with a stable 35% margin.
The contract is set to begin in Q3 of 2026 and will run for 180 days.
The wellhead injection rates exceeded 100bbl per minute, with proppant intensity of 2,706lb/ft.
The P2607 JV has 90 days to assess and approve the proposed development programme and budget.
The sale includes 24,000 leased acres, 300 horizontal wells on 30 pads and production of 25,000boepd.
The French multinational energy company completed drilling at the Tamboti-1X well and is beginning exploration at Marula-1X.
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