Equinor Joins Chevron in Namibia Oil Exploration Licence

Norwegian energy company Equinor has made its entry into Namibia's oil and gas market by signing an agreement to acquire a 17.4% participating interest in Petroleum Exploration Licence 90 (PEL 90) in the Orange Basin offshore Namibia.

The licence, operated by Chevron subsidiary Harmattan Energy, provides access to a drill-ready prospect scheduled for testing in 2026. According to Equinor's executive vice president for Exploration & Production International, Philippe Mathieu, 'this transaction aligns with our strategy to strengthen and replenish our international portfolio through focused and disciplined growth.'

Namibia is considered a promising basin that adds attractive option value to Equinor's portfolio and complements its broader Atlantic Margin position. Prior to the transaction, Chevron's subsidiary owned an interest of 52.5% in PEL 90, with other partners including QatarEnergy (27.5%), Trago Energy (10%), and state-owned oil company NAMCOR (10%).

The closing of the transaction is subject to regulatory approvals and completion processes.