Namibia and Chevron Sign Deal, Developing Offshore Oil Block

On Monday, Namibia's state-owned oil company and Chevron have signed an agreement granting the U.S. oil firm an 80 percent operating working interest in an offshore block in the southern African country.

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Under the deal between Namibia's National Petroleum Corporation (NAMCOR) and Chevron Namibia Exploration Limited (CNEL), a subsidiary of Chevron Global Energy, NAMCOR and local player Custos Energy will each retain a 10 percent carried interest in Petroleum Exploration License 82 located in the Walvis Basin, NAMCOR said in a statement on Monday.

NAMCOR said this strategic collaboration underscores its dedication to maximizing the exploration potential and development of Namibia's offshore resources, particularly in under-explored basins holding significant promise.

The transaction is pending regulatory approvals from the Namibia Ministry of Mines and Energy.

Meanwhile, NAMCOR Interim Managing Director Ebson Uanguta expressed enthusiasm, saying the partnership with CNEL and Custos Energy signifies a shared vision for the future of Namibia's energy landscape.

"Together, we will leverage significant expertise and resources to propel our national interests and economic growth, turning possibilities into prosperity for Namibia," he said.

Namibia anticipates a substantial surge in oil production estimates following the analysis of data.