Equinor Joins Oil Race in Namibia's Orange Basin with 17.4% Stake Acquisition

Norwegian energy giant Equinor has acquired a 17.4% stake in the Petroleum Exploration Licence PEL 90, located in Namibia's Orange Basin, as part of its expansion into one of the world's most contested oil regions.

The block is operated by Chevron and also includes QatarEnergy, Trago Energy, and Namibia's state oil company NAMCOR. Equinor's entry alters the stake structure upon completion of the operation, with Chevron's share expected to drop to 35.1% and Equinor holding 17.4%.

The company aims to find something similar to the results obtained by TotalEnergies and Galp in the area, which have made significant discoveries nearby. However, Philippe Mathieu, head of international operations at Equinor, emphasized that projects of this nature represent high-risk investments, as no company can guarantee a discovery before drilling.

The exploratory campaign is scheduled to take place by the end of 2026, and if successful, it could lead to significant discoveries in the region. The Orange Basin has gained prominence after a series of discoveries, with Namibia alone housing estimates of around 6.2 billion barrels of oil equivalent in discovered and recoverable resources.