HomeMarket NewsThe Fierce Battle for Offshore Oil Exploration Rages On

The Fierce Battle for Offshore Oil Exploration Rages On

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Oil platform on the ocean. Offshore drilling for gas and petroleum

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In a bold move, Chevron (NYSE:CVX) has sought approval from Namibian regulators for an environmental clearance certificate to embark on oil and gas exploration in the offshore Orange Basin, Oil & Gas Journal disclosed on Tuesday.

The Orange Basin, which is home to recent staggering discoveries like TotalEnergies’ (TTE) multi-billion barrel Venus find, is being hailed as one of the world’s most lucrative oil and gas regions, bursting with potential.

Chevron’s application, if approved, will greenlight the drilling of up to five exploration wells and five appraisal wells in license PEL 90 offshore Namibia, starting in Q4 2024. This marks a significant step in the battle for dominance in the offshore oil exploration arena.

Chevron’s PEL 90 is strategically positioned right north of Shell’s (SHEL) PEL 39 license, where the basin’s initial discoveries at Graff-1, La Rona-1, and Jonker-1 were carried out, and in close proximity to TotalEnergies’ (TTE) game-changing Venus-1 oil discovery on PEL 56, redefining the dynamics of the oil exploration landscape.

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