"Chevron has confirmed it has chosen a drilling rig to drill what will be a high-profile exploration well in Namibia's Orange basin. On 27 June, Northern Ocean said an unnamed major had fixed the Deepsea Bollsta semi-submersible for an exploration operation in the prolific frontier basin, likely starting in the fourth quarter of 2024.
Upstream reported that the client is Chevron, and the US supermajor has now replied to Upstream, confirming it will use the semisub to drill one exploration well in Block 2813B - which is governed by Petroleum Exploration License (PEL) 90 - and lies immediately north of TotalEnergies’ huge Venus oil and gas discovery.
Industry observers have queried why Chevron has not - apparently - secured an option to drill an immediate follow-up well in the licence, if a discovery is made. Chevron farmed into PEL 90 in 2022, eight months after Venus was discovered, paying $100 million."
PCL Price at posting:
2.2¢ Sentiment: Buy Disclosure: Held
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