Equinor Enters Namibia with Chevron-Run Offshore Block Stake

Equinor ASA (EQNR) has entered Namibia for the first time after agreeing to acquire a 17.4% participating interest in Petroleum Exploration Licence 90 from Harmattan Energy Limited, a subsidiary of Chevron Corp. (CVX). The licence covers Block 2813B in the Orange Basin offshore Namibia and includes a drill-ready prospect scheduled for testing in 2026.

The transaction gives Equinor exposure to one of Africa's most closely watched offshore exploration regions. Chevron operates PEL 90, which spans water depths ranging from 2,300 to 3,300 meters. Harmattan Energy held a 52.5% stake in the licence before the deal, while QatarEnergy had 27.5%, Trago Energy had 10%, and Namibia's state-owned oil company NAMCOR had 10%.

'This transaction aligns with our strategy to strengthen and replenish our international portfolio through focused and disciplined growth,' said Philippe Mathieu, Equinor's executive vice president for Exploration and Production International. 'Namibia is a promising basin that adds attractive option value to our portfolio and complements our broader Atlantic Margin position.'