Woodside Energy has opted not to pursue a farm-in for petroleum exploration license 87 in Namibia, leaving Pancontinental Orange the main operator. The consortium is looking for a new partner for exploration drilling before the license renewal deadline in January 2026, following the successful 3D seismic survey identifying promising prospects such as Oryx and Hyrax.
Woodside Energy has officially declined the opportunity to participate in the farm-in for petroleum exploration license 87 (PEL 87) located in the Orange Basin offshore Namibia. The operating consortium will continue with Pancontinental Orange Pty Ltd. holding a 75% share, alongside Custos Investments with 15%, and the state-owned NAMCOR possessing the remaining 10%.
Following Woodside’s decision, the consortium intends to identify a new partner to finance exploration drilling, as the first renewal exploration period for the license is set to conclude on January 22, 2026. Woodside had previously agreed to support a substantial 6,593-square-kilometer 3D seismic survey over the license area.
The data obtained from this survey has enabled Pancontinental to compile a portfolio of leads and prospects believed to rival those found in neighboring deepwater blocks within the basin. Notable drilling candidates that have surfaced include the Oryx prospect within the turbidite sands of the PEL 87 Saturn complex, and the Hyrax prospect situated in the southern section of the same complex, which features a younger reservoir. Another prospect of interest is Xerux, located in the central northern region of the Saturn complex.
In summary, Woodside Energy’s decision to pass on the farm-in opportunity for PEL 87 in Namibia allows Pancontinental to proceed with its current ownership structure while seeking a new partner for exploration. The findings from the seismic survey have revealed promising prospects, notably Oryx and Hyrax, indicating potential for significant oil discoveries in the extensive Orange Basin area.
Original Source: www.offshore-mag.com
