Chevron, Custos, NAMCOR complete farm-in into PEL 82

Custos Energy has completed the farm-in by Chevron into Petroleum Exploration License 82. The transaction provides for an 80% participating interest and operatorship for Chevron, with each of Custos and the National Petroleum Company of Namibia (NAMCOR) retaining 10% interests.

PEL 82 governs blocks 2112B AND 2212A located in the Walvis Basin, offshore Namibia. PEL 82 is one of the Walvis Basin’s most attractive opportunities. Approximately 70% of total block area is covered by extensive existing seismic – over 3,500 km of 2D and 9,500 sq km of 3D data. Previous drilling activity on PEL 82 included the Murombe-1 and Wingat- 1 wells.

The acquisition of an interest in PEL 82 adds to Chevron’s existing offshore exploration portfolio in Namibia, where it currently operates PEL 90 in the Orange Basin. Together with its joint venture partners Custos and NAMCOR, Chevron completed its first deepwater offshore well in PEL 90 in January. The drilling program provided valuable information on key aspects of the basin, though the well did not yield the desired commercial outcome.