Chevron Revives Exploration Efforts in Namibia

Chevron is planning to commence drilling an exploration well off the coast of Namibia, where significant oil and gas reserves have been discovered by various international companies in recent years. The drilling is scheduled for 2026 or 2027 in Petroleum Exploration License 82 in the Walvis Basin, as reported by Chevron’s Namibian subsidiary to Reuters. This initiative is part of Chevron’s strategy to enhance its exploration portfolio, following its acquisition of 80% ownership and operatorship in PEL 82 from Custos Energy earlier this year. The Walvis Basin, located north of the Orange Basin, has already seen successful discoveries by companies like Shell, TotalEnergies, and Galp. Moreover, Chevron is also investing in offshore blocks in Angola and Nigeria in West Africa to boost exploration activities. Major players like TotalEnergies and Shell have made significant oil discoveries offshore Namibia, leading to a surge in exploration activities in the region since 2022. Additionally, TotalEnergies and QatarEnergy are expanding their exploration efforts in the Orange Basin offshore Namibia, with QatarEnergy recently acquiring additional interests in blocks in the area.