Description of Activities

The Commission resolved to approve without conditions the acquisition by Chevron Namibia Exploration II Limited (Chevron Namibia) of Participating Interests in a Petroleum Exploration License Number 0082 (PEL 82) issued by the Petroleum Commissioner of the Ministry of Mines and Energy and associated agreements from NAMCOR Exploration and Production (Pty) Ltd (NAMCOR E&P) and Maravilla (Pty) Ltd (Maravilla). The Transaction was notified to the Commission on the 5th of July 2024, and the merger was determined on the 16th of August 2024.

 The Primary Acquiring Undertaking, Chevron Namibia is a company incorporated under the laws of Bermuda. Chevron Namibia is involved in the upstream oil and gas business. 

The Primary Target Undertaking is the participation interest under Petroleum Exploration Licence 82 (“PEL 82”), held by NAMCOR E&P and Maravilla. PEL 82 is a petroleum exploration licence covering Block 2112B and 2212A, offshore Namibia.

The Secretariat defined the product market as the market for the exploration of crude oil and natural gas.

Merger Determination

The Commission found the proposed transaction unlikely to result in the prevention or substantial lessening of competition; does not result in any undertaking acquiring or strengthening a dominant position in the market and does not raise any public interest concerns.

However, as stated under section 50 of the Act, this approval does not relieve parties from complying with any other mandatory statutory approvals that any of the parties to this merger must comply with under Namibian Laws.