Woodside Energy Declines Farm-In Opportunity in Namibia’s Offshore Exploration

Woodside Energy declines the farm-in opportunity for petroleum exploration license 87 in Namibia. Pancontinental Orange remains as operator with a 75% stake. The consortium plans to find a new partner for exploration funding before the January 2026 deadline. Recent surveys have identified promising prospects such as Oryx, Hyrax, and Xerux.

Woodside Energy has opted not to pursue a farm-in opportunity concerning petroleum exploration license 87 (PEL 87) located in the Orange Basin offshore Namibia. Pancontinental Orange Pty Ltd will continue as the operator, holding a 75% interest along with Custos Investments at 15% and state-owned NAMCOR at 10%. The consortium aims to attract a new partner to finance exploration drilling, with the current exploration period set to expire on January 22, 2026.

Woodside previously committed to funding a comprehensive 6,593-square-kilometer 3D seismic survey over the license. After analyzing the seismic data, Pancontinental has compiled a portfolio of leads and prospects akin to discoveries in adjacent deepwater areas within the basin.

Among the prime candidates for potential drilling is the Oryx prospect, located within the turbidite sands of the PEL 87 Saturn complex. The Hyrax prospect, found in the southern section of this complex, targets a younger reservoir than Oryx, where the turbiditic sands may have been significantly altered by blue water currents. Additionally, another notable prospect, Xerux, is situated in the central northern part of the Saturn complex.

In summary, Woodside Energy has decided against a farm-in opportunity for PEL 87 in the Orange Basin, leaving Pancontinental Orange Pty Ltd as the primary operator. The consortium seeks a new partner to support exploration drilling before the exploration period’s termination. Evaluations from recent seismic surveys have identified promising prospects, including Oryx, Hyrax, and Xerux, indicating potential for future exploration success.

Original Source: www.offshore-mag.com