Chevron closed a deal with Trago Energy (Pty) Ltd., the Namibian affiliate of Sintana Energy Inc., for interest in PEL 90 in Orange basin offshore Namibia.
Through a spokesperson, Chevron confirmed to OGJ via email that a wholly owned subsidiary, Chevron Namibia Exploration Ltd., acquired an 80% working interest in the license.
Trago will retain a 10% interest in the ultra-deepwater exploration license, which lies in Block 2813B. Chevron will carry Trago through initial exploration activities including 3D seismic and drilling of the first exploration well. Post carry period, Trago will be responsible for approved expenses associated with its interest, the company said in release Oct. 4. Additional terms were not disclosed.
The southern boundary of PEL 90 lies 60 km from the TotalEnergies-operated Venus-1 light oil discovery, where 84 m of net oil pay was encountered in good quality Lower Cretaceous reservoir.
Chevron’s deal with Trago “brings partnership with an aligned, highly experienced and committed deep water drilling operator,” said Knowledge Katti, chairman and chief executive operator of Trago and a director of Sintana.
The license covers 5,433 sq km offshore southern Namibia in water depths of 2,300-3,300 m.
