Sintana Energy welcomes NAMCOR-Chevron deal to develop offshore Namibia block

Sintana Energy Inc has welcomed a new deal between Namibia’s national oil company NAMCOR and Chevron to develop Petroleum Exploration License 82 (PEL 82) located in the Walvis Basin, offshore Namibia. 

Chevron, through its affiliate Chevron Namibia Exploration Limited, will take up to an 80% operating working interest in the block.

NAMCOR and Custos Energy will each maintain a 10% carried interest in PEL 82. Sintana maintains an indirect 49% interest in Custos.

“We are pleased to announce the continuing expansion of our in-country partnership with Chevron through their entry in PEL 82,” Custos CEO and Sintana director Knowledge Katti commented.

Katti described PEL 82 as “one of the most advanced and interesting opportunities offshore Namibia outside of the Orange Basin.”

“We are pleased to see our efforts over the last decade on PEL 82 result in this important step forward adding further to Namibia’s world-class offshore opportunity,” Katti said.

Robert Bose, CEO of Sintana, added that this expanding partnership with Chevron in Namibia emphasizes the quality of the company’s portfolio in the country.

“The timeliness of our entry and the unmatched nature of our portfolio continue to be demonstrated as Namibia emerges as the world’s next great hydrocarbon province,” Bose said.

PEL 82 governs blocks 2112B and 2212A. Previous drilling at the block includes the Murombe-1 and Wingat-1 wells and confirmed the regional extension and presence of the Barremian-Aptian oil-prone source rock.

Murombe-1 penetrated the Baobab sands returning approximately 20% porosity and the Wingat-1 well recovered 38 to 41 degree API oil to surface, Sintana said.

Sintana Energy is engaged in petroleum and natural gas exploration and development activities on five large, highly prospective, onshore and offshore petroleum exploration licenses in Namibia, and in Colombia’s Magdalena Basin. Proactive

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