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Namibia's national oil company said on Monday that signed a development agreement with Chevron (New York Stock Exchange:CVX) in which the US company will acquire an 80% operating stake in an offshore block in the Walvis basin.
The rights transfer agreement with Chevron (CVX) Namibia National Petroleum Corporation and local company Custos Energy will each retain a 10% stake in oil exploration license 82.
Namibia has not yet produced oil or gas, but has become an exploration hotspot following offshore discoveries by Shell, TotalEnergies and Galp Energia, and is planning its first production for 2030.
TotalEnergies (TTE) CEO Patrick Pouyanne said last week that Namibia's oil potential could eventually equal that of Guyana, and the company hopes to approve the first phase of its Venus project offshore Namibia by the end of 2025. , with the goal of producing up to 180,000 barrels per day.
