Chevron to Explore New Offshore Oil Reserves in Africa’s Newest Oil Country

Chevron announced on Thursday that it is considering drilling an exploration well in the Walvis Basin off the coast of Namibia, with plans to begin as early as 2026 or 2027.

According to the oil giant, it is advancing its prospect portfolio offshore Namibia, a region that has recently become a hotspot for global exploration.

The planned exploration well will be drilled in Petroleum Exploration License 82 in the Walvis Basin, situated north of the highly productive Orange Basin, where several offshore discoveries have been made by companies such as TotalEnergies, according to Reuters.

A statement from Chevron emphasized that this initiative is part of its ongoing efforts to expand and activate its robust exploration portfolio.

Earlier this year, Chevron reported that its first well in the Orange Basin did not result in commercially viable hydrocarbon reserves. Similarly, Shell announced a $400 million write-down due to an offshore oil discovery in Namibia that was ultimately deemed commercially unviable.

All eyes are now on Namibia, a country in Southern Africa that has become a key focus for major oil companies.

In 2023, the National Petroleum Company of Namibia revealed a light oil discovery about 270 kilometres offshore.

Energy giants like TotalEnergies and Shell have already discovered an estimated 2.6 billion barrels of oil in the region.

These discoveries have raised hopes that Namibia could begin oil production by 2030. Key exploration areas in the country include the Orange Basin, Luderitz, Kavango, and Walvis basins.