Chevron announced Thursday that it is considering drilling an exploration well in Namibia’s Walvis Basin, with operations potentially beginning as early as 2026 or 2027.
The U.S. energy giant stated it is advancing its offshore exploration portfolio in Namibia—a region that has rapidly gained attention as a global exploration hotspot.
The proposed well will be located in Petroleum Exploration License (PEL) 82 in the Walvis Basin, situated north of the Orange Basin, where companies like TotalEnergies have made several significant discoveries.
“This initiative is part of our broader effort to expand and activate our exploration portfolio,” Chevron said in a statement.
Earlier this year, Chevron drilled its first well in the Orange Basin but did not encounter commercially viable hydrocarbon reserves.
Similarly, Shell recently announced a $400 million write-down following an offshore discovery in Namibia that failed to meet commercial viability thresholds.
Despite these setbacks, global interest in Namibian offshore assets remains strong. In 2023, Namibia’s National Petroleum Corporation (NAMCOR) announced a light oil discovery approximately 270 kilometers offshore, further reinforcing the country’s exploration potential.
To date, companies such as TotalEnergies and Shell have discovered an estimated 2.6 billion barrels of oil in Namibian waters.
These developments have sparked optimism that the country could enter into full-scale oil production by 2030.
Key exploration zones include the Orange, Luderitz, Kavango, and Walvis basins—positioning Namibia as a key frontier for offshore oil development in Southern Africa.
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