Canada's Stamper Advances Extension of 3 Offshore Oil and Gas Exploration Licenses in Namibia

en.Wedoany.com Reported - On October 26, three offshore oil and gas exploration licenses in Namibia—PEL 106, PEL 98, and PEL 102—entered the stage of extension and renewal applications, with the operators of the relevant blocks having submitted applications to the regulatory authority. Among them, PEL 106 is applying to extend its initial exploration period by 12 months to continue advancing geotechnical evaluation and preparations for additional 3D seismic data acquisition. Canada's Stamper Oil & Gas holds partial interests in the above three licenses.

PEL 106 is located in Namibia's Walvis Basin, where Stamper holds a 5% carried interest. The operator plans to use the extended exploration period to continue assessing the block's oil and gas potential and to study the acquisition of supplementary 3D seismic data. The company will also seek farm-out cooperation with partners to bring in the technical capabilities and funding required for subsequent exploration.

PEL 98, also located in the Walvis Basin, and PEL 102, located in the Lüderitz Basin, involve Stamper carried interests of 5% and 20%, respectively. The operators of both licenses have applied to extend the initial exploration period or to move into the first renewal exploration phase, with subsequent work continuing to focus on geotechnical evaluation of the blocks and the search for new exploration partners.

Namibia's oil and gas exploration regulatory system is also undergoing adjustments. On October 20, the country's National Assembly passed the second reading of the Petroleum Exploration and Production Amendment Bill with 50 votes in favor and zero against. The bill proposes establishing an upstream petroleum regulatory body within the Office of the President, responsible for the granting and management of petroleum exploration licenses and the coordination of related projects. The bill still needs to complete the legislative review process.