Custos Energy Finalizes PEL 82 Farm-In with Chevron

Deal News | Feb 07, 2025 | PR Newswire Cision Custos Energy

Custos Energy has announced the successful completion of a farm-in agreement with Chevron Namibia Exploration II Limited, a subsidiary of Chevron Corporation, for Petroleum Exploration License 82 (PEL 82) located in the offshore Walvis Basin of Namibia. Chevron will hold an 80% participating interest and assume operatorship of PEL 82, while Custos and Namibia's National Petroleum Company retain 10% stakes each. PEL 82 offers substantial exploration promise with significant seismic coverage. This strategic move is part of Chevron's aim to broaden its offshore exploration presence in Namibia, adding to its existing holdings under PEL 90. Custos Energy, founded by Knowledge Katti, is a local independent oil and gas firm focusing on enriching Namibia's offshore potential and fostering regional development.

Sectors

  • Oil and Gas Exploration
  • Energy

Geography

  • Namibia – The article discusses oil and gas exploration activities and corporate transactions in the Namibian offshore regions.

Industry

  • Oil and Gas Exploration – The article focuses on the exploration activities in the offshore regions of Namibia, specifically the farm-in transaction involving key exploration blocks.
  • Energy – The involvement of large energy conglomerates like Chevron indicates the article's relevance to the energy sector, particularly in the context of expanding exploration efforts.

Financials

  • 80% – The participating interest acquired by Chevron in PEL 82.

Participants

NameRoleTypeDescription
Custos Energy (Pty) Ltd.Target Company / SellerCompanyNamibian independent oil and gas exploration company involved in the farm-in transaction with Chevron for PEL 82.
Chevron Namibia Exploration II LimitedBuyerCompanyA subsidiary of Chevron Corporation acquiring an 80% participating interest in PEL 82.
National Petroleum Company of Namibia (NAMCOR)StakeholderCompanyRetains a 10% interest in PEL 82 alongside Custos Energy following the farm-in agreement with Chevron.
Knowledge KattiChairman & CEO of Custos EnergyPersonFounder and leader of Custos Energy, involved in the transaction and strategic growth of the company's portfolio.