Woodside Energy has decided not to proceed with farming into Petroleum Exploration License 87 (PEL 87) in the Orange Basin, offshore Namibia.
The decision means that Pancontinental Orange Pty Ltd. will retain its position as the operator of PEL 87 with a 75% interest, alongside partners Custos Investments (15%) and Namibia’s state-owned oil company, NAMCOR (10%).
Background and Exploration Efforts
Woodside had initially agreed to fund a 6,593-square-kilometer 3D seismic survey over the license area. Following the survey and analysis of the collected data, Pancontinental identified several promising leads and prospects within the basin. These prospects are believed to be comparable in size and scale to major discoveries made in neighboring deepwater blocks.
Among the key exploration targets identified in PEL 87 are:
- Oryx Prospect – A high-potential target in turbidite sands within the Saturn complex.
- Hyrax Prospect – Located in the southern portion of the Saturn complex, this target features younger reservoir formations that may have been affected by deepwater current processes.
- Xerux Prospect – Situated in the central northern section of the Saturn complex, offering additional exploration opportunities.
Next Steps for PEL 87
With Woodside opting out, Pancontinental and its partners will now seek an alternative investor to fund the next phase of exploration drilling. The current first renewal exploration period for PEL 87 is set to expire on January 22, 2026.
Despite Woodside’s withdrawal, the Orange Basin remains one of the most promising frontier basins for hydrocarbon exploration, with recent discoveries attracting growing interest from international energy firms.
Source: Offshore Magazine
