Chevron revealed an agreement to enter into petroleum exploration license 82 (PEL 82) in April 2024. This acquisition is said to align with Chevron’s exploration strategy, growing exploration acreage in prospective and promising geological plays globally.
The deal enables the firm to acquire an 80% working interest and operatorship of the license while its partners, the National Petroleum Corporation of Namibia (NAMCOR) and Custos Energy, will each maintain a 10% carried interest in PEL 82, with Canada’s Sintana Energy holding an indirect 49% interest in Custos.
The U.S. oil major has now wrapped up this acquisition of a lion’s share of interest in PEL 82, which governs blocks 2112B and 2212A in the Walvis Basin off the coast of Namibia, where the previous drilling activity included the Murombe-1 and Wingat- 1 wells.
This license is described by Custos as one of the Walvis Basin’s most attractive opportunities, with approximately 70% of the total block area covered by extensive existing seismic, entailing over 3,500 kilometers of 2D and 9,500 square kilometers of 3D data.
Knowledge Katti, Chairman and Chief Executive Officer of Custos, commented: “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.”
The acquisition of a majority stake in PEL 82 adds to Chevron’s existing offshore exploration portfolio in Namibia, where it currently operates PEL 90 in the Orange Basin, where the firm completed its first deepwater offshore well in January 2025 with its joint venture partners, Trago Energy, a subsidiary of Custos, and NAMCOR.
While the drilling program did not yield any commercial hydrocarbon quantities, it still provided valuable information on key aspects of the basin, despite the lack of the desired commercial outcome.
