Equinor is making its first entry into Namibia after agreeing to acquire a 17.4% participating interest in Petroleum Exploration Licence 90 from Harmattan Energy Limited, a Chevron subsidiary.
PEL 90 covers Block 2813B in Namibia’s offshore Orange Basin and includes a drill-ready prospect that is scheduled to be tested in 2026, Equinor said Tuesday.
The transaction gives Equinor exposure to one of the most closely watched offshore exploration regions in Africa as international oil companies continue assessing the petroleum potential of the Orange Basin.
Chevron operates PEL 90. Before the transaction, its Namibian subsidiary held a 52.5% interest in the licence. Other partners include QatarEnergy with 27.5%, Trago Energy with 10%, and Namibia’s state-owned NAMCOR with 10%.
Equinor said the acquisition fits its strategy of selectively expanding and replenishing its international exploration portfolio. The company also said Namibia complements its broader position along the Atlantic Margin.
For Chevron, bringing Equinor into the licence adds another major international explorer ahead of planned drilling while allowing Chevron to retain operatorship and a substantial interest in the block.
Namibia has attracted significant industry attention in recent years following major offshore discoveries in the Orange Basin, increasing expectations that the country could eventually emerge as an important new oil-producing province. Exploration activity remains at an early stage, however, and commercial development will depend on further drilling, appraisal and project economics.
Equinor’s acquisition remains subject to regulatory approvals and customary completion procedures.
By Charles Kennedy for Oilprice.com
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