U.S. major Chevron is set to acquire a significant stake in the hydrocarbons-rich Orange Basin, offshore Namibia, as part of an effort to expand its operations across the country.
According to H.E Tom Alweendo, Minister of Mines and Energy, Namibia, Chevron has reached an advanced stage in negotiating its acquisition of Block 2813B, which is located in the Orange Basin.
Operated by Australian company, Harmattan Energy, Trago Energy and the National Petroleum Corporation of Namibia (Namcor), the block is estimated to hold massive reserves similar to those discovered in the adjacent and recent discoveries made by majors TotalEnergies and Shell as part of the Venus and Graff-1 prospects in early 2022.
The acquisition will mark the re-entrance of Chevron in Namibia after 40 years of market absence. Having made the first discovery in Namibia with Kudu 9A, in 1974, 24 months after the country’s first licensing round, the development signals Chevron’s strategy to enter Namibia’s offshore oil and gas rush alongside other majors including TotalEnergies and ExxonMobil that are exploring and developing massive energy projects.