A local subsidiary of the international oil major Chevron has expressed interest in drilling for oil in the Walvis Basin, located north of the prolific Orange Basin, where multiple significant oil discoveries have been made since 2022.
This is because the Walvis Basin could potentially join the Orange Basin in the emergence as a key frontier for hydrocarbon exploration.
Chevron’s potential drilling campaign in 2026/27 would align with Namibia’s broader strategy to attract sustained upstream investment and deepen partnerships with experienced international oil and gas operators. If exploration results prove successful, Chevron could join the growing list of global oil majors anchoring long-term commitments in Namibia’s offshore basins. These developments could further solidify Namibia’s standing as Africa’s and the world’s next major oil producer.
Chevron Namibia Exploration Limited (CNEL) holds the rights to explore in the block known as Petroleum Exploration Licence (PEL) 82 that covers a huge offshore area believed to contain untapped petroleum potential.
In fact, industry insiders are convinced of the presence of hydrocarbons in the Walvis Basin, arguing that international players such as Chevron would not commit to investing millions of dollars on a whim. Instead, oil majors are known for heavily investing in areas where preliminary evidence points to the presence of hydrocarbons.
“Chevron Namibia Exploration Limited II (CNEL) continues maturing its prospect portfolio and is considering drilling and exploration well in the 2026/27 timeframe in the Petroleum Exploration License 82 (PEL 82) in the Walvis Basin, offshore Namibia,” a Chevron spokesperson stated. The spokesperson added, “With this program, Chevron continues to activate its strong and growing exploration portfolio. We remain excited about our exploration portfolio in Namibia and working with the government and our partners to support the country’s energy sector.”
Chevron’s announcement adds momentum to Namibia’s rapidly developing oil and gas industry, which has seen heightened interest from major international players, including Shell, TotalEnergies, Galp Energia, and Qatar Energy.
Several major oil companies have announced several potentially significant oil discoveries in recent years, positioning Namibia as one of Africa’s most closely watched new energy frontiers.
While Chevron has not disclosed the specific location or depth of its planned exploration well, industry observers confirm the move signals growing confidence in Namibia’s offshore potential.
Meanwhile, the industries, mines, and energy ministry have repeatedly emphasised that exploration and eventual production could play a transformative role in the domestic economy, driving investment, job creation, and infrastructure development, while ensuring environmental standards are upheld.
New Era’s Inside Business last week reported a defining moment for Namibia’s burgeoning energy sector, when a United Kingdom-based investment house, GRIT Investment Trust, proposed a strategic reverse takeover (RTO) to acquire a local exploration company, Nabirm.
“The potential Nabirm acquisition is not just a transaction, it’s a redefinition of GRIT’s strategic direction,” GRIT’s director, Martin Lampshire, stated. “We are building the foundation for long-term value creation through targeted investments in high-potential, transparent projects that align with Namibia’s vision for its resources,” he added.
A key benefit of the RTO and the ensuing London listing would be the substantial strengthening of Nabirm’s board and governance framework.
“Capital markets demand proven merit, and our 13-year commitment to Namibia has prepared us for this moment,” said Nabirm CEO Olayinka Arowolo.
“The Walvis Basin represents not just a geological opportunity, but a national one. This partnership provides the platform to leverage our operations as a springboard for responsible growth, built upon the same foundation of technical excellence and regulatory compliance that both we and the Government of Namibia insist upon.”
-ebrandt@nepc.com.na