Chevron Secures Custos Energy Stake in PEL 90, Eyes Namibia Exploration

Chevron and Custos Energy have finalized an agreement that paves the way for further exploration in Namibia's Orange Basin. Trago Energy, a subsidiary of Custos Energy, will transfer its 10% participating interest in PEL 90 to Harmattan Energy, a Chevron affiliate. This deal comes with a $11 million cash payment at completion and contingent consideration tied to appraisal and commercial production milestones.

The transaction supports the development of PEL 90, which spans approximately 5,433 km2 offshore Namibia. The license is operated by Chevron in partnership with QatarEnergy, Equinor, and state-owned Namcor. Once both transactions are approved, Chevron will hold a 45.1% stake, followed closely by QatarEnergy at 27.5%, Equinor at 17.4%, and Namcor at 10%. The immediate focus is on Nabba-1X, an exploration well being prepared by Chevron to test a drill-ready prospect.

The surrounding discoveries in the Orange Basin have significantly strengthened interest in Namibia's offshore acreage. NJ Ayuk, Executive Chairman of the African Energy Chamber, believes this agreement demonstrates how Namibian companies can create value from natural resources while attracting international investment and expertise.