Sintana Energy partners with Chevron in Namibia’s offshore exploration
Sintana Energy Inc. (TSX-V: SEI, OTCQB: SEUSF) has announced a significant advancement in its offshore operations in Namibia through a new partnership with Chevron Namibia Exploration Limited (CNEL), an affiliate of Chevron Corp. (CVX). Effective April 28, Chevron has taken an 80% working interest and operatorship in Petroleum Exploration License 82 (PEL 82), signaling a major step in Namibia’s hydrocarbon exploration efforts.
PEL 82, located in the Walvis Basin off the coast of Namibia, is considered one of the region’s most promising exploration areas. It encompasses blocks 2112B and 2212A and has been extensively studied with over 3,500 km of 2D and 9,500 km2 of 3D seismic data. Historical drilling in this license, including the Murombe-1 and Wingat-1 wells, has confirmed the presence of oil-prone Barremian-Aptian source rock and high-quality Baobab sands.
This partnership not only reinforces Sintana’s presence in Namibia but also enhances its exploration capabilities through Chevron’s extensive experience and technology. Knowledge Katti, Chairman and CEO of Custos, and a director at Sintana, remarked on the partnership’s significance: “We are pleased to announce the continuing expansion of our in-country partnership with Chevron through their entry in PEL 82. This is one of the most advanced and interesting opportunities offshore Namibia outside of the Orange Basin.”
In conjunction with this venture, Sintana maintains an indirect 49% interest in Custos Energy (Pty) Ltd., which, along with NAMCOR, the National Petroleum Corporation of Namibia, holds a 10% carried interest in PEL 82.
Robert Bose, CEO and Board Member of Sintana, highlighted the strategic timing of this collaboration: “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.”
Additionally, as part of their commitment to local development, Custos has entered a cooperation agreement with the Walvis Bay Poverty Reduction Trust (WBPRT), which will primarily benefit from Custos’s corporate social responsibility initiatives.
This new chapter not only promises substantial growth in Namibia’s offshore exploration capacity but also sets a benchmark for collaborative efforts in developing world-class hydrocarbon resources responsibly.