Chevron Farms Out Namibia Exploration License to Equinor

Chevron has farmed out a portion of its interest in an offshore Namibia exploration license to Equinor, marking Equinor's entry into the country. The license, PEL 90, is located in the Orange Basin and contains a drill-ready prospect slated for drilling before year-end.

The transaction involves Chevron offering 17.4% of its 52.5% participating interest in PEL 90 to Equinor, which will decrease Chevron's interest from 52.5% to 35.1%. The license has other partners including QatarEnergy (27.5%), Trago Energy (10%), and state-owned National Petroleum Corp. of Namibia (NAMCOR) (10%).

The Orange Basin has attracted increased exploration interest in recent years due to promising resource potential, with recent discoveries like the TotalEnergies-operated Venus-1 light oil discovery and Shell plc's Graff discovery.