US supermajor Chevron is set to take a majority stake in a highly coveted ultra-deepwater block offshore Namibia, just north of TotalEnergies’ huge Venus discovery, according to multiple sources.

Upstream understands that a farm-in deal covering what is probably one of the most sought-after licences in the Orange basin has almost been wrapped up and is due to be announced soon.

If confirmed, the transaction will mark Chevron’s first entry into southern Africa since its aborted foray into South Africa’s nascent onshore shale gas play some years ago.