Curated News
By: NewsRamp Editorial Staff
April 29, 2024
Chevron Enters Petroleum Exploration License 82 with Custos Energy in Namibia
TLDR
- Chevron Corp. gains 80% working interest and operatorship in PEL 82, one of the Walvis Basin’smost attractive opportunities, providing a significant competitive advantage.
- Custos Energy announces Chevron's entry in PEL 82, with extensive existing seismic data and previous drilling activity confirming oil-prone source rock and recoverable oil.
- Custos's partnership agreement with the Walvis Bay Poverty Reduction Trust will greatly enhance development efforts, focusing on local youth, women, the elderly, and other vulnerable community members, making a positive impact on the world.
- Custos Energy's partnership with Chevron in PEL 82 presents an exciting opportunity for offshore exploration, with significant seismic data and previous drilling results confirming the presence of oil-prone source rock and recoverable oil.
Impact - Why it Matters
The entry of Chevron into PEL 82 signals significant progress in offshore oil exploration in Namibia, providing potential economic and developmental opportunities for the country. The partnership with the Walvis Bay Poverty Reduction Trust demonstrates Custos Energy's commitment to empowering local communities and fostering sustainable development initiatives in the region.
Summary
Custos Energy (Pty) Ltd. announces Chevron Namibia Exploration Limited’s entry into Petroleum Exploration License 82, with an 80% working interest and operatorship, while NAMCOR and Custos maintain a 10% carried interest. PEL 82 includes blocks 2112B and 2212A in the Walvis Basin, offshore Namibia, and is considered one of the most attractive opportunities in the area. The agreement also involves a partnership with the Walvis Bay Poverty Reduction Trust to support local community development projects.
Source Statement
This curated news summary relied on this press release disributed by News Direct. Read the source press release here, Chevron Enters Petroleum Exploration License 82 with Custos Energy in Namibia
