Equinor’s Entry into Namibia Offshore Oil Exploration
Equinor has entered into a definitive agreement with Harmattan Energy Limited, a subsidiary of Chevron operating in Namibia, to acquire a 17.4% participating interest in Petroleum Exploration Licence 90 (PEL 90) located in Block 2813B of the Orange Basin offshore Namibia. The licence is currently operated by Chevron, which before the transaction held a 52.5% interest. The remaining partners in PEL 90 are QatarEnergy with a 27.5% stake, Trago Energy with 10%, and the state‑owned oil company NAMCOR also with 10%.
The acquisition represents Equinor’s first operational presence in Namibia. The licence includes a drill‑ready prospect that is scheduled to be tested in 2026, subject to the receipt of all required regulatory approvals and the completion of standard closing conditions. Philippe Mathieu, Executive Vice President for Exploration & Production International at Equinor, stated that the transaction aligns with the company’s strategy to strengthen and replenish its international portfolio through focused and disciplined growth, adding attractive option value and complementing its broader Atlantic Margin position.
The deal is contingent upon the approval of relevant regulatory authorities and the fulfillment of customary completion processes.