On January 15, 2025, Chevron has announced that it did not find commercial hydrocarbon reserves in its exploration well, Kapana 1X, located in Namibia’s Orange Basin within the PEL90 block.
Despite the absence of viable reserves, the company emphasised that the well provided valuable geological data, enhancing its understanding of the basin. Chevron indicated that it plans to continue exploring Namibia in the future, as the country remains a key area of interest for oil producers.
Namibia has recently become a hotbed for offshore oil discoveries, with several large-scale finds making headlines as some of the biggest of the century. However, not all exploration efforts have been successful. Last week, Shell revealed a US$400 million write-down on an offshore discovery in Namibia, deeming it commercially unviable.
In a separate development, Namibia’s national oil company announced in April that it had entered into a deal with Chevron, granting the US company an 80% operating working interest in an offshore block in the Walvis Basin, marking a new phase in Chevron’s involvement in the country’s energy sector.
