Namibian oil and gas exploration firm Custos Energy has finalized a farm-in agreement with Chevron Namibia Exploration II, a subsidiary of Chevron, for Petroleum Exploration License 82 (PEL 82).
Under the deal, Chevron acquires an 80% participating interest and assumes operatorship of the offshore block. Custos Energy and Namibia’s state-owned NAMCOR each retain a 10% stake.
Custos views PEL 82, covering blocks 2112B and 2212A in the Walvis Basin, as one of Namibia’s most promising exploration prospects.
The area benefits from extensive seismic data, with over 3,500 km of 2D and 9,500 km² of 3D coverage. Previous drilling efforts include the Murombe-1 and Wingat-1 wells.
This acquisition enhances Chevron’s offshore exploration portfolio, complementing its existing operations in PEL 90 within the Orange Basin.
In January 2025, Chevron and its joint venture partners Trago Energy and NAMCOR completed their first deep-water well in PEL 90.
While the well did not yield a commercial discovery, it provided valuable geological insights into the basin.
Custos Energy Chairman and CEO Knowledge Katti emphasized that Chevron’s involvement in PEL 82 reflects the quality and potential of their offshore assets.
He expressed enthusiasm for expanding their partnership with Chevron to explore another emerging Namibian basin.
Beyond Namibia, Chevron is also expanding its global exploration efforts. In January 2025, the company signaled interest in energy exploration in Greece, targeting offshore areas southwest of the Peloponnese peninsula and west of Crete. Chevron currently manages gas fields in Israel and holds interests in Egypt and Cyprus.
The company has submitted a non-binding expression of interest to Greece’s Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA) for a new exploration block, reinforcing its expansion strategy in the Eastern Mediterranean.
