Staff Reporter
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., granting CNEL an 80% operating working interest in Petroleum Exploration License 82 (PEL 82) in the Walvis Basin, offshore Namibia.
NAMCOR clarified that, as per the agreement’s terms, both NAMCOR and Custos Energy will retain a 10% carried interest. However, the transaction is subject to regulatory approvals from the Ministry of Mines and Energy.
“NAMCOR, alongside its partners, look forward to the closure of this transaction and to continuing its partnership with Chevron. This partnership is set to further exploration activities within the Walvis Basin and support the sustainable development of Namibia’s energy sector,” NAMCOR added.
The petroleum corporation emphasized that this collaboration marks a significant moment in Namibia’s oil and gas industry, aligning with NAMCOR’s strategic goals to enhance exploration potential and develop Namibia’s offshore resources, particularly in the underexplored basins. Additionally, the agreement aims to facilitate the sustainable development of the country’s hydrocarbon resources.
“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 turning our possibilities into prosperity for Namibia,” Ebson Uanguta, Interim Managing Director of NAMCOR, said.
