Chevron plans offshore drilling in Namibia by 2027

Chevron is planning to drill an exploration well in Namibia’s Walvis Basin as early as 2026 or 2027, expanding its presence in a region that has recently become a hotspot for oil exploration. The well will be located in Petroleum Exploration License 82, an area north of the prolific Orange Basin, where companies like TotalEnergies and Shell have made significant oil discoveries in recent years. Chevron acquired an 80% stake and operatorship in PEL 82, with Custos Energy and NAMCOR each retaining a 10% interest. This move is part of Chevron’s broader strategy to activate its exploration portfolio in under-explored oil provinces, as other majors shift focus from Africa’s legacy producers. Despite earlier wells in the Orange Basin not finding commercially viable reserves, optimism remains high that Namibia could emerge as a major oil producer. The region continues to attract investment from global energy giants, fueling hopes for substantial oil production by 2030.