Equinor Buys Stake in Namibia's Orange Basin Oil Prospect

Norwegian oil group Equinor has entered Namibia's offshore energy market for the first time, acquiring a 17.4% stake in the PEL 90 petroleum exploration license from Harmattan Energy Limited, a subsidiary of Chevron.

The deal, announced on August 18, 2026, marks a significant move by Equinor to strengthen its international portfolio and explore new opportunities in emerging basins.

The PEL 90 license is located in the Orange Basin offshore Namibia, where other operators have already made hydrocarbon discoveries. Chevron retains its role as block operator and holds a significant stake in the project, although it has divested part of its holding to Equinor.

Equinor's executive vice president for Exploration & Production International, Philippe Mathieu, stated that the group considers the prospect at PEL 90 ready to be tested through an exploration well, but did not provide further details on the geological nature or timeline.