Chevron, Equinor Bolster Presence in Namibia's Orange Basin

Chevron and Equinor have strengthened their presence in 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 the Orange Basin.

The deal comes at an important time for Namibia, where international energy companies are increasing exploration activity following promising offshore discoveries. The Chevron subsidiary Harmattan Energy will remain the operator of the license, with its interest reduced to 35.1% after the transaction.

Chevron's decision to share exposure while retaining operatorship is a strategic move, as it allows the company to manage risk and maintain a strong position in the region. The Orange Basin has attracted major players including TotalEnergies SE, QatarEnergy, Shell plc, and other international exploration companies, making it an increasingly important frontier for the global oil and gas sector.