Published on 28 May 2024 on Zacks via Yahoo Finance

Chevron (CVX), Rhino Prepare for Offshore Drilling in Namibia

Chevron Corporation CVX, one of the world's leading integrated energy companies, and Rhino Resources, a prominent South Africa-based company, have submitted environmental documents for their wildcatting operations offshore Namibia. These exploration campaigns are scheduled to commence in the hydrocarbon-rich Orange Basin by late 2024 or early 2025. This region currently has no active drilling rigs, marking the first such pause in nearly two years.

Chevron’s Ambitious Plans in Block 2813B

Location and Strategic Importance: CVX’s drilling activities are set to focus on Block 2813B. This block is strategically located north of the area operated by TotalEnergies SE TTE, a French-integrated oil and gas company and includes the significant Venus and Mangetti discoveries. Additionally, it lies west of a license area where Galp Energia GLPEY, a Portugal-based integrated energy company recently announced its Mopane discovery, which could hold up to 10 billion barrels of oil equivalent. The proximity to these substantial discoveries underscores the high potential of CVX’s exploration efforts.