NAMCOR inks oil deal with Chevron to develop and explore potential offshore resources
The state-owned oil company, the National Petroleum Corporation (NAMCOR) has finalised a Farm-Out Agreement with Chevron Namibia Exploration Limited (CNEL), a subsidiary of Chevron Global Energy.
The landmark deal announced in a NAMCOR statement on Monday, grants Chevron an 80% operating working interest in Petroleum Exploration License 82 (PEL 82) located in the prolific Walvis Basin offshore Namibia.
Under this agreement, NAMCOR and local player, Custos Energy will each retain a 10% carried interest.
According to NAMCOR, this strategic collaboration underscores NAMCOR’s dedication to maximizing the exploration potential and development of Namibia’s offshore resources, particularly in underexplored basins holding significant promise.
The statement said the transaction is pending regulatory approvals from the Ministry of Mines and Energy.
NAMCOR, alongside its partners, looks forward to the closure of this transaction and to continuing its partnership with Chevron.
Meanwhile, NAMCOR Interim Managing Director, Ebson Uanguta, expressed enthusiasm, stating, that the partnership with CNEL and Custos Energy signifies a shared vision for the future of Namibia’s energy landscape.
“Together, we will leverage significant expertise and resources to propel our national interests and economic growth, turning possibilities into prosperity for Namibia,” he concluded.
