Chevron has announced it finalized of the arm-in agreement with Custos Energy and NAMCOR for PEL 82 in the Walvis Basin offshore Namibia.
The U.S. oil and gas major secured an 80% participating interest and operatorship while Custos and NAMCOR each retain a 10% stake. The Walvis Basin, located offshore Namibia, is a sedimentary basin with significant potential for oil exploration, considered to be an “oil kitchen” where companies like Chevron are actively acquiring exploration licenses and drilling wells, due to the presence of a proven oil source rock and potential for commercial hydrocarbon discoveries.
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Walvis Basin
The basin’s geology includes the presence of a Barremian-Aptian source rock which is believed to be responsible for the oil generation. PEL 82, covering blocks 2112B and 2212A, is seen as a prime offshore opportunity, with around 70% of the area covered by extensive seismic data — over 3,500 km of 2D and 9,500 km² of 3D surveys.
Previous drilling, including the Murombe-1 and Wingat-1 wells, has provided key geological insights. This move aligns with Chevron’s strategy to expand exploration efforts in high-potential regions and complements its existing operations in PEL 90 in the Orange Basin, further boosting Namibia’s standing as an emerging oil and gas frontier.
The company’s entry into PEL 82 is part of its broader strategy to expand its exploration acreage in promising global geological plays and further solidifies Namibia’s position as a leading frontier for oil and gas exploration.
