Pancontinental Energy has secured a 12-month extension to its offshore license in the Orange Basin, one of the most active exploration areas in Namibia. exploration activity in Namibia.
A new deadline to move forward on the PEL 87 block
Specifically, the extension was granted to Pancontinental Orange, a subsidiary of the company, on the PEL 87 block located off the Namibian coast. This permit will allow exploration and resource evaluation activities to continue in the region.
In addition, the extension provides greater scope to analyze geological data and advance the planning of future campaigns. The Orange basin has attracted strong interest in recent years due to relevant hydrocarbon discoveries.
Orange Basin Namibia boosts offshore exploration in Africa
On the other hand, Namibia has positioned itself as one of the most relevant emerging markets in offshore oil and gas. Large international operators have increased their presence in the area attracted by the basin’s potential.
Likewise, the PEL 87 block is part of this exploratory drive, where several companies are seeking to confirm the commercial volume of the identified resources.
Pancontinental’s strategy in the region
In this context, Pancontinental continues to strengthen its strategy in Africa, focused on upstream assets assets with high potential. The license extension reinforces its presence in Namibia and allows Pancontinental to continue advancing in the maturity of the project.
Finally, the new deadline will be key to defining the next steps in the development of the asset, in an increasingly competitive environment within the offshore energy sector.
Source: Pancontinental Energy
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