Chevron acquires majority stake in Namibian offshore licence
Written by on April 29, 2024
The National Petroleum Corporation of Namibia (Namcor) has announced that United States oil major Chevron Namibia Exploration Limited (CNEL) will take over an 80% stake in petroleum exploration licence 82 (PEL 82) in the Walvis Basin, offshore Namibia.
As part of the arrangement, Namcor and Custos Energy will each retain a 10% carried interest.
The completion of this transaction is contingent upon receiving regulatory approvals from the mines and energy ministry.
“Our partnership with CNEL and Custos Energy represents a shared vision for the future of Namibia’s energy landscape, bringing together significant expertise and resources that will help propel our national interests and economic growth, and truly turning our possibilities into prosperity for Namibia,” said Namcor interim managing director Ebson Uanguta.
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