Equinor is entering Namibia for the first time after agreeing to acquire a 17.4% participating interest in Petroleum Exploration Licence 90 from Harmattan Energy Limited, a subsidiary of Chevron.
PEL 90 covers Block 2813B in Namibia’s offshore Orange Basin and contains a drill-ready prospect that Equinor plans to test in 2026.
The deal gives Equinor a position in one of Africa’s most closely watched offshore exploration areas, where international oil companies are continuing to assess the Orange Basin’s oil and gas potential.
Chevron operates PEL 90. Before the deal, its Namibian subsidiary held a 52.5% interest in the license. QatarEnergy holds 27.5%, Trago Energy holds 10%, and Namibia’s state-owned NAMCOR holds the remaining 10%.
Equinor said the acquisition supports its strategy of selectively expanding and replenishing its international exploration portfolio. The company also sees Namibia as a complement to its wider position along the Atlantic Margin.
For Chevron, bringing Equinor into the license adds another major international explorer ahead of the planned drilling while allowing Chevron to remain the operator and retain a significant interest in the block.
Namibia has drawn growing industry interest in recent years following major offshore discoveries in the Orange Basin. These discoveries have raised expectations that Namibia could become an important new oil-producing region. However, exploration remains at an early stage, and commercial development will depend on further drilling, appraisal, and project economics.
Equinor’s acquisition still requires regulatory approval and must go through the usual completion procedures.
source: https://oilprice.com/
African Energy Council