Chevron Acquires Trago's Stake in Namibia's PEL 90 for $11 Million

Chevron has agreed to purchase Trago Energy's 10% participating interest in Namibia's offshore Petroleum Exploration Licence 90 (PEL 90) for an upfront payment of $11 million. The deal allows Trago to avoid funding the upcoming Nabba-1X exploration well while maintaining potential upside through future contingent payments.

The agreement marks a strategic move by Sintana Energy, which holds a 49% indirect interest in Trago, to reduce capital intensity and downside risk while preserving exposure to high-impact exploration success. According to Robert Bose, CEO of Sintana Energy, 'This transaction demonstrates our ability to reduce capital intensity and downside risk while retaining exposure to high-impact exploration success.'

The Nabba-1X well will proceed without Trago's financial involvement once the transaction closes. The Orange Basin has seen increased exploration activity following major discoveries by TotalEnergies (Venus) and Galp (Mopane), with PEL 90 being operated by Chevron.