Custos Vitality introduced completion of the beforehand introduced farm-in by Chevron Namibia Exploration II Restricted, a subsidiary of Chevron Company, into Petroleum Exploration License 82 (PEL 82). The transaction offers for an 80% taking part curiosity and operatorship for Chevron, with every of Custos and the Nationwide Petroleum Firm of Namibia (NAMCOR) retaining 10% pursuits.
PEL 82 governs blocks 2112B AND 2212A positioned within the Walvis Basin, offshore Namibia. PEL 82 is among the Walvis Basin’s most engaging alternatives.
Roughly 70% of whole block space is roofed by in depth current seismic – over 3,500 km of 2D and 9,500 km2 of 3D information.
Earlier drilling exercise on PEL 82 included the Murombe-1 and Wingat- 1 wells.
The acquisition of an curiosity in PEL 82 provides to Chevron’s current offshore exploration portfolio in Namibia the place it presently operates the Petroleum Exploration License 90 (PEL 90) within the Orange Basin. Along with its three way partnership companions Trago Vitality, a subsidiary of Custos, and NAMCOR, Chevron accomplished its first deepwater offshore effectively in PEL 90 in January. The drilling program offered helpful data on key elements of the basin, although the effectively didn’t yield the specified industrial end result.
The PEL 82 curiosity acquisition aligns with Chevron’s exploration technique, rising exploration acreage in potential and promising geological performs globally.
“Completion of Chevron’s entry into PEL 82 is one other indicator of the standard and alternative related to our offshore portfolio,” mentioned Information Katti, Chairman and CEO of Custos. “We’re thrilled to increase our partnership with Chevron positioning us to unveil collectively one other rising Basin in Namibia.”
