Namibia approves renewal of offshore Walvis Basin license
Aug. 15, 2023
Global Petroleum says Namibia’s Ministry of Mines and Energy has issued approval for the company and its partners to proceed to the First Renewal Period of license PEL 94 offshore Namibia.
Walvis Basin
Offshore staff
Courtesy Global Petroleum Ltd.
MELBOURNE, Australia — Global Petroleum says Namibia’s Ministry of Mines and Energy has issued approval for the company and its partners to proceed to the First Renewal Period (FRP) of license PEL 94 in the Walvis Basin offshore Namibia.
The work commitment for the FRP, which runs from September 2023 to September 2025, includes acquiring, processing and interpreting 2,000 km of 3D seismic data carried over from the current Initial Exploration Period (IEP) and drilling one well, depending on results of the 3D interpretation.
And the Ministry has waived the usual requirement to relinquish 50% of the license area at the end of the IEP, allowing the partners to retain all the license’s prospective sectors on entry to the FRP. These include the main prospects, Marula and Welwitschia Deep, and various leads that Global has identified in the eastern part of the license.
