Chevron and Equinor Strengthen Namibia's Offshore Oil Exploration

Chevron and Equinor have strengthened Namibia's emerging offshore oil sector through a new partnership. Under this agreement, Equinor will acquire a 17.4% participating interest in Petroleum Exploration License 90 (PEL 90) in Namibia's Orange Basin while Chevron's subsidiary Harmattan Energy remains the operator.

This deal gives Equinor exposure to one of Africa's most closely watched offshore exploration regions and provides Chevron with an opportunity to reduce its participating interest. The transaction reduces Chevron's stake from 52.5% to 35.1%, while QatarEnergy will hold 27.5%, Equinor 17.4%, Trago Energy 10%, and Namibia's state-owned oil company, NAMCOR, 10%.

Chevron plans to drill the Nabba-1X exploration well in the fourth quarter of 2026, which could be a crucial milestone for the license. The success or failure of this well will provide valuable information about the potential of PEL 90 and influence future exploration decisions in the Orange Basin.