Equinor has acquired a 17.4% stake in petroleum exploration license PEL 90 offshore Namibia from a subsidiary of Chevron, marking the Norwegian energy company’s entry into the country’s upstream sector.
The license, located in the Orange Basin, includes a drill-ready prospect scheduled for testing in 2026. Equinor did not disclose the financial terms of the transaction.
Before the deal, the license was held by Harmattan Energy, a Chevron subsidiary, with a 52.5% interest. QatarEnergy held 27.5%, while Trago Energy and Namibia’s state-owned NAMCOR each held 10%. Equinor’s acquisition reduces Harmattan Energy’s stake to 35.1%, with QatarEnergy at 27.5%, Trago Energy at 10%, NAMCOR at 10%, and Equinor at 17.4%.
The transaction aligns with Equinor’s strategy to expand and replenish its international portfolio, the company said. Namibia has emerged as a frontier market for oil and gas exploration, with multiple license rounds attracting global operators in recent years.
