Chevron is preparing to launch a new offshore oil exploration campaign in Namibia, targeting the Walvis Basin through its subsidiary, Chevron Namibia Exploration Limited. The company is planning to drill its first exploration well in Petroleum Exploration License (PEL) 82 by 2026 or 2027. This move follows the footsteps of other global energy majors that have made significant discoveries in Namibian waters in recent years, signaling a broader shift in exploration activity to this promising region.
Chevron Secures Major Stake in Namibia’s Promising Walvis Basin Offshore License
In February, Chevron finalized the acquisition of an 80% stake and operatorship in PEL 82 from Custos Energy. The Walvis Basin license is considered a high-potential asset, with Custos retaining a 10% interest and Namibia’s state-owned NAMCOR holding the remaining 10%. This strategic deal strengthens Chevron’s exploration portfolio and marks its official entry into Namibia’s increasingly competitive offshore sector.
Chevron Joins Namibia’s Offshore Oil Rush with High-Stakes Walvis Basin Drilling Plans
PEL 82 lies in the Walvis Basin, situated north of the Orange Basin, where companies like Shell, TotalEnergies, and Galp have made notable oil and gas finds. These earlier discoveries have increased global interest in Namibia as a frontier for offshore hydrocarbon exploration. The region’s geological structures suggest significant untapped potential, raising the stakes for Chevron’s upcoming drilling campaign.
Global Oil Majors Shift Focus to Namibia’s Emerging Offshore Exploration Frontier
Chevron’s move aligns with a broader trend among international oil companies shifting exploration focus from mature African producers like Nigeria and Angola to underexplored frontier basins. While Chevron continues to invest in offshore blocks in Angola and Nigeria, Namibia is now seen as a more attractive play, often compared to Guyana due to its recent surge in successful exploration results.
Other major players, including TotalEnergies and QatarEnergy, are also intensifying their activities in Namibia. TotalEnergies has made multiple discoveries and is expanding its footprint in the Orange Basin. In late 2024, QatarEnergy increased its interests in blocks 2913B and 2912, both located offshore Namibia, signaling long-term confidence in the region’s potential. As the Namibian offshore sector heats up, Chevron’s entry marks a critical step in its global upstream strategy.
