Chevron's Strategic Farm-In into PEL 82
Custos Energy (Pty) Ltd. is excited to share that Chevron Namibia Exploration II Limited has successfully completed its farm-in into Petroleum Exploration License 82, also known as PEL 82. This significant transaction grants Chevron an 80% participating interest along with the operatorship of the license. Custos and the National Petroleum Company of Namibia (NAMCOR) each retain a 10% interest, marking a pivotal moment for the partnership.
What PEL 82 Covers
PEL 82 oversees blocks 2112B and 2212A, located in the promising Walvis Basin, offshore Namibia. This area represents one of the most attractive prospects in the basin for oil and gas exploration. Notably, approximately 70% of the total block area is already supported by extensive seismic data, including over 3,500 kilometers of 2D and 9,500 square kilometers of 3D seismic data.
Previous Drilling Initiatives
Past drilling activities within PEL 82 included the Murombe-1 and Wingat-1 wells. These earlier attempts have provided crucial information and insights that will help inform future exploration efforts. The acquisition of an interest in PEL 82 also aligns with Chevron's ongoing exploration strategy to broaden its operational footprint in promising global markets.
Chevron's Broader Exploration Strategy
Custodianship of this area enhances Chevron's existing exploration portfolio in Namibia, where it currently operates Petroleum Exploration License 90 (PEL 90) in the Orange Basin. Together with joint venture partners, including Trago Energy, also part of Custos, and NAMCOR, Chevron recently completed its first deepwater offshore well in PEL 90. While the drilling did not yield the anticipated commercial results, it provided valuable information regarding the geology of the region.
Statements from Custos Leadership
Knowledge Katti, Chairman and CEO of Custos, expressed enthusiasm about Chevron's entry into PEL 82, stating, "this is a significant marker of the quality and potential inherent in our offshore portfolio. We are excited to extend our partnership with Chevron, positioning ourselves to explore further opportunities in this emerging basin. Our collective efforts are aimed at unlocking the potential that lies beneath the waters of our coastal region."
About Custos Energy
Custos Energy is an independent oil and gas exploration firm proudly rooted in Namibia. Established by Knowledge Katti over a decade ago, the company is focused on attracting local and international investment to bolster the Namibian offshore industry. Custos Energy remains committed to delivering benefits to all Namibians through strategic partnerships and sustainable practices.
Alongside the Knowledge Foundation, Custos strives to foster a brighter, sustainable future for local communities. Understanding and addressing the needs of stakeholder communities is critical; therefore, Custos prioritizes support and developmental initiatives for the youth in Namibia. Custos was the first local company to achieve an offshore discovery in collaboration with strategic partners.
Contact Information
For inquiries, please contact:
Jonathan Paterson
Phone: +1 475-477-9401
Frequently Asked Questions
What is the significance of the farm-in by Chevron?
The farm-in allows Chevron to take a majority interest in PEL 82, enhancing its operational role and opportunities for exploration.
How does PEL 82 align with Chevron's exploration strategy?
This acquisition is in line with Chevron’s goal to expand its exploration areas in promising geological formations globally.
What are the previous drilling efforts in PEL 82?
Past drilling activities included wells such as Murombe-1 and Wingat-1, which provided useful geological insights for future exploration.
What is Custos Energy's commitment to local communities?
Custos focuses on sustainability and community involvement, particularly supporting youth initiatives in Namibia.
How is Chevron positioned in the offshore exploration market in Namibia?
Chevron operates multiple licenses in Namibia, including PEL 90, and is actively seeking to increase its footprint in the region while contributing to local development.
