Equinor Acquires 17.4% Namibia Offshore License

Equinor’s Entry into Namibia’s Offshore Oil Sector

Equinor (OSE:EQNR) announced on Tuesday, 18 August 2026, that it has signed an agreement with Harmattan Energy, a subsidiary of Chevron (NYSE:CVX), to acquire a 17.4% interest in petroleum exploration licence PEL 90 located in the Orange Basin offshore Namibia. The transaction marks Equinor’s first foothold in Namibia and provides the company with access to a drill‑ready prospect that is scheduled for testing in 2026.

Equinor did not disclose the financial terms of the acquisition, but the company said the deal aligns with its strategy to strengthen and replenish its international portfolio. Prior to the transaction, Harmattan Energy held a 52.5% interest in PEL 90. The remaining partners in the licence are QatarEnergy with a 27.5% share, Trago Energy holding 10%, and the state‑owned Namibian oil company NAMCOR also holding 10%.

The announcement was accompanied by a modest market reaction, with Equinor shares up 1.55% and Chevron shares up 0.98% following the news. The article was generated with AI assistance and reviewed by an editor.