Woodside Energy Opts Out of Namibia Offshore Farm-In Opportunity

Woodside Energy has declined to farm into Petroleum Exploration License 87 offshore Namibia, allowing Pancontinental Orange to remain the operator. The consortium will seek a new partner for exploration; significant prospects such as Oryx, Hyrax, and Xerux have been identified for drilling after a seismic survey.

Woodside Energy has officially declined the opportunity to farm into Petroleum Exploration License 87 (PEL 87) located in the Orange Basin offshore Namibia. The operating role will remain with Pancontinental Orange Pty Ltd., which holds a 75% interest, along with Custos Investments owning 15% and the state-owned NAMCOR holding 10%.

Considering the upcoming expiration of the first renewal exploration period on January 22, 2026, the consortium plans to identify alternative partners to support exploration drilling. Woodside previously committed to financing a comprehensive 6,593-square-kilometer 3D seismic survey across the license area, leading to the generation of a catalog of potential leads and prospects.

Pancontinental has identified several attractive candidates for drilling, paralleling the dimensions of existing discoveries within neighboring deepwater blocks. Noteworthy prospects include the Oryx prospect, located within turbidite sands of the Saturn complex, as well as the Hyrax prospect situated in the southern area, which presents a slightly younger reservoir target. Additionally, Xerux is another prospect located in the central northern sector of the Saturn complex.

In conclusion, Woodside Energy has opted not to pursue a farm-in opportunity in the Orange Basin, allowing Pancontinental Orange to retain operational control. With the first renewal period approaching its deadline, the consortium aims to secure a new partner to facilitate ongoing exploration. The results of the seismic survey have led to the identification of promising drilling candidates, crucial for future exploration efforts.

Original Source: www.offshore-mag.com