Chevron's PEL 90 Deal Set to Unlock New Exploration Upside Offshore Namibia

Namibia's oil exploration sector has received a boost after Custos Energy agreed to transfer its 10% participating interest in PEL 90 to Chevron affiliate Harmattan Energy. The deal, worth $11 million in cash at completion, marks the beginning of a new phase in the exploration of PEL 90 offshore Namibia.

The African Energy Chamber (AEC) has welcomed the transaction, which gives Trago Energy, a subsidiary of Custos Energy, immediate value from one of the country's most closely watched exploration licenses. Trago will retain its financial participation in potential future success on PEL 90 as Chevron advances exploration.

The deal is part of Chevron's efforts to advance exploration activity offshore Namibia. The company operates the license alongside QatarEnergy, Equinor, and state-owned Namcor, creating an international partnership with the capital and technical expertise needed for deepwater exploration.