Namibia’s NAMCOR inks development deal with Chevron

Namibia’s state-owned oil the National Petroleum Corporation of Namibia (NAMCOR) has inked a development agreement with Chevron, wherein the US energy giant will take an 80 per cent operational stake in an offshore block in the Walvis Basin, Reuters reported on Monday.

This agreement, announced on Monday, entails Chevron Namibia Exploration Limited (CNEL) acquiring the majority share, while NAMCOR and local enterprise Custos Energy will each retain a 10 per cent interest in petroleum exploration license 82.

The surge of oil companies towards Namibia reflects growing anticipation surrounding the nation’s initiative to unveil a significant new frontier basin.

Moreover, recent offshore discoveries in this southern African country stand among the most substantial of this era.

“Our collaboration with CNEL and Custos Energy epitomises a collective vision for the future of Namibia’s energy domain,” remarked Ebson Uanguta, interim managing director of NAMCOR, in a press release.

Namibia, despite its lack of prior oil or gas production, has emerged as a focal point for exploration, buoyed by offshore findings from TotalEnergies and Shell. The country is strategising for its inaugural output to commence by 2030.