Equinor Expands into Namibia with Chevron Stake Purchase
Norway's Equinor has expanded its international portfolio by acquiring a stake in an oil exploration licence in Namibia from Chevron. The company purchased a 17.4% stake in PEL 90, which is operated by Chevron subsidiary Harmattan Energy, and held by other partners including QatarEnergy and Trago Energy.
The Orange Basin, where the PEL 90 licence is located, has seen a string of oil discoveries in recent years, drawing interest from major energy companies. Equinor's move into Namibia follows its expansion into Argentina in 2017.
The company stated that it aims to 'strengthen and replenish' its international oil and gas portfolio through strategic investments. When asked about future acquisitions in Namibia, an Equinor spokesperson said the company is 'always looking for interesting opportunities.'