{
  "id": 11241809,
  "title": "Sintana Energy subsidiary agrees to sell PEL 90 stake to Chevron",
  "url": "https://urgent.news/2026/10/01/sintana-energy-subsidiary-agrees-to-sell-pel-90-stake-to-chevron",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-01T17:03:19.000Z",
  "source": {
    "name": "Investing.com",
    "slug": "investing-com",
    "url": "https://www.investing.com/news/company-news/sintana-energy-subsidiary-agrees-to-sell-pel-90-stake-to-chevron-93CH-4927992"
  },
  "original_language": "en",
  "account": "Sintana Energy has reached an agreement with Trago Energy to sell a 10% stake in Petroleum Exploration License 90, located offshore Namibia. Trago, a subsidiary of Custos Energy, will transfer its interest to Harmattan Energy, a subsidiary of Chevron Corporation. In exchange, Chevron will pay $11 million in cash upon completion of the transaction, along with contingent payments based on appraisal and production milestones. The deal is expected to net revenues of 1.5 million to 2.5 million barrels of oil, depending on commodity price assumptions. Upon completion, Sintana will use the remaining proceeds to support its corporate activities. Custos Energy will contribute N$10 million to the University of Namibia Foundation for the construction of a new campus in Walvis Bay. The license, which covers approximately 5,433 square kilometers, is currently held by Chevron, Qatar Energy, Equinor, and the National Petroleum Corporation of Namibia. No reserves or resources have been attributed to the license. Completion of the transaction is subject to governmental, regulatory, and third-party approvals.",
  "summary": null,
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}