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Equinor Buys Stake in Namibia Oil Exploration Licence from Chevron

Guavy AI Editorial Team
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Equinor has agreed to purchase a 17.4% stake in an oil exploration licence in Namibia from Chevron's subsidiary Harmattan Energy.

The licence, PEL 90, is located in the Orange Basin offshore Namibia and marks Equinor's first upstream entry into a new country since its expansion into Argentina in 2017.

The Orange Basin has seen a string of oil discoveries in recent years, attracting interest from major oil companies looking to acquire acreage for exploration.

Equinor's spokesperson stated that the company is 'always looking for interesting opportunities' and that this deal fits its strategy to 'strengthen and replenish' its international oil and gas portfolio.

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