Chevron Acquires Stake in Namibia's Petroleum Exploration License 90

Chevron has agreed to acquire a 10% participating interest in Namibia's Petroleum Exploration License 90 for $11 million in cash plus contingent payments.

The PEL 90 agreement covers an offshore license in Namibia's Orange Basin, operated by Chevron. The license spans 5,433 square kilometers and completion is subject to governmental, regulatory, and third-party approvals.

Chevron's second-quarter revenue reached $67.2 billion, a 57.4% increase from the same quarter last year, while earnings per share were $6.06 versus a $5.55 consensus estimate.

The Namibia project is an exploration option rather than a current revenue contributor, with its near-term valuation depending more directly on production, refining results, and commodity prices than on PEL 90 output.