Source: MarketScreener

Namibia’s national oil company has signed a development deal with Chevron that will see the U.S. oil major take an 80% operating working interest in an offshore block in the Walvis Basin, it said on Monday.

The farm-out agreement with Chevron Namibia Exploration Limited (CNEL) will see the National Petroleum Corporation of Namibia (NAMCOR) and local company Custos Energy each retain a 10% interest in petroleum exploration license 82.

Oil companies are flocking to Namibia, excited by the southern African country’s plans to open up a major new frontier basin with recent offshore finds ranking among the largest this century.

“Our partnership with CNEL and Custos Energy represents a shared vision for the future of Namibia’s energy landscape,” Ebson Uanguta, interim managing director of NAMCOR, said in a statement.

Namibia, which has yet to produce any oil or gas, has become an exploration hotspot after offshore discoveries by TotalEnergies and Shell, and is planning for its first output by 2030.

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