Stocks
Equinor Acquires Stake in Chevron Namibia Exploration Licence
Norway's Equinor has entered Namibia by acquiring a 17.4% stake in Chevron's petroleum exploration licence (PEL 90) in the Orange Basin offshore.
The deal marks Equinor's entry into Namibia and provides access to a drill-ready prospect scheduled for testing in 2026.
According to Equinor, the transaction aligns with its strategy to strengthen and replenish its international portfolio.
PEL 90 is located in deep waters (2,300-3,300 m) of the Orange Basin, adjacent to recent discoveries like TotalEnergies' Venus. Chevron plans to drill the high-impact Nabba-1X well in Q4 2026.