Equinor Joins Chevron in Namibia Exploration Licence
Equinor has signed an agreement to acquire a stake in Petroleum Exploration Licence 90 (PEL 90) off the coast of Namibia. The Norwegian oil and gas company will hold a 17.4% participating interest in the licence, which is operated by Chevron subsidiary Harmattan Energy.
The licence relates to Block 2813B in the Orange Basin, where a drill-ready prospect is scheduled for testing in 2026. This marks Equinor's entry into Namibia and provides access to an attractive option value that complements its broader Atlantic Margin position.
According to Philippe Mathieu, executive vice president for Exploration & Production International at Equinor, the transaction aligns with the company's strategy to strengthen and replenish its international portfolio through focused growth. He says Namibia is a promising basin that adds option value to the portfolio.