Woodside Energy has declined a farm-in opportunity in Namibia’s offshore petroleum exploration license 87. Pancontinental Orange remains the operator with plans to find new partners for exploration funding. Potential drilling prospects, including Oryx and Hyrax, have been identified based on a recent 3D seismic survey.
Woodside Energy has opted not to pursue a farm-in opportunity associated with petroleum exploration license 87 (PEL 87) situated in the Orange Basin, offshore Namibia. Consequently, Pancontinental Orange Pty Ltd. will continue as the operator with a 75% stake, alongside Custos Investments holding 15%, and the state-owned NAMCOR possessing 10% interest. The consortium now aims to secure an alternative partner to finance the drilling of exploration wells, with the license’s first renewal period set to expire on January 22, 2026.
Woodside has previously committed to funding a comprehensive 6,593-square kilometer 3D seismic survey over the license. After a thorough interpretation of the gathered data, Pancontinental has compiled an inventory of potential leads and prospects thought to be comparable in scale to existing discoveries in adjacent deepwater blocks within the basin. Among the identified prime candidates for drilling is the Oryx prospect, located in turbidite sands within the PEL 87 Saturn complex.
Additionally, the consortium has pinpointed the Hyrax prospect, located in the southern section of the same complex. This prospect represents a slightly younger reservoir than Oryx, where the turbiditic sands are believed to be significantly influenced by the winnowing action of blue water currents. Another notable prospect under consideration is Xerux, found in the central northern area of the Saturn complex.
In summary, Woodside Energy has decided against participating in the farm-in of PEL 87 in Namibia while Pancontinental Orange Pty Ltd. retains primary operational control. The consortium is now tasked with finding new partners for the exploration endeavors, as the license approaches its first renewal deadline. Furthermore, several drilling prospects have been identified, indicating the potential for significant discoveries in the region.
Original Source: www.offshore-mag.com
