Equinor Enters Namibia Oil Exploration Market Through Chevron Deal
Norwegian energy company Equinor has entered Namibia's oil exploration market through a deal with US major Chevron. The agreement involves the purchase of a 17.4% stake in the PEL 90 petroleum exploration licence in the Orange Basin offshore Namibia.
The licence is operated by Chevron subsidiary Harmattan Energy, which holds a 52.5% stake, while QatarEnergy has 27.5%, Trago Energy 10%, and state-owned NAMCOR 10%. Equinor's acquisition marks its first upstream entry into Namibia since expanding into Argentina in 2017.
The Orange Basin is one of the world's hottest exploration zones, with a string of oil discoveries in recent years attracting interest from major companies. Equinor aims to 'strengthen and replenish' its international oil and gas portfolio through this deal.