Equinor Takes Stake in Chevron's Namibian Exploration Licence

Norway's Equinor has taken a significant stake in Chevron's Namibian exploration licence, PEL 90. The company acquired a 17.4% interest in the licence through an agreement with Harmattan Energy, a subsidiary of Chevron.

The deal marks Equinor's entry into Namibia and provides access to a drill-ready prospect scheduled for testing in 2026. This move aligns with Equinor's strategy to strengthen and replenish its international portfolio.

Before the transaction, Harmattan Energy held a majority stake of 52.5% in PEL 90, while QatarEnergy and Trago Energy also had significant interests at 27.5% and 10%, respectively. State-owned oil company NAMCOR held the remaining 10%.