(Ecofin Agency) – With the multiplication of world-class oil discoveries in Namibia since 2022, the oil sector has become particularly attractive, attracting more and more oil companies.
The Australian oil company Woodside Energy could expand its presence in Africa, currently marked by its oil operations in Senegal, to expand into oil exploration in Namibia, notably in PEL 87 located off the coast of the country.
This perspective is mentioned in an operational report published Thursday, November 21, by Pancontinental Energy, the company which operates this area of interest with a 75% participation and for partners Custos Investments (15%) as well as NAMCOR (10%).
In the document, Pancontinental explains that it has obtained the green light from the Namibian authorities for the execution of a 3D seismic survey campaign on PEL 87. An authorization transmitted to Woodside Energy which now has access to said data and the associated rights.
Thus the approval and delivery of this seismic license triggered a countdown, with Woodside having until May 18, 2025, to decide to exercise its option for its involvement in this perimeter.
It should be noted that in March 2023, Woodside Energy signed an agreement with Pancontinental Energy which gives Woodside the right, but not the obligation, to acquire a 56% stake in PEL 87.
To exercise this option, stakeholders agreed that Woodside must meet certain conditions namely funding a 3D seismic survey covering 6,593 km² in addition to a cash payment of $1.5 million to Pancontinental Energy.
If Woodside decides to exercise this option, it would obtain the status of operator of the site located in a region which is attracting the attention of many international oil companies.
Abdel-Latif Boureima
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