Equinor Buys Stake in Chevron-Operated Namibia Oil Block

Chevron stock rose by 1.18% to $205.09 on Tuesday after Equinor acquired a 17.4% stake in Chevron-operated PEL 90, an offshore Namibia exploration licence.

The acquisition gives Equinor its first upstream position in Namibia and expands its activity within the Orange Basin.

Chevron remains the operator of PEL 90 as partners prepare to drill during 2026. The licence covers Block 2813B, and the transaction also provides Equinor with access to a drill-ready offshore exploration prospect.

The planned exploration well could provide important information about the licence's commercial potential, which will determine whether the block supports further drilling or appraisal work.