Equinor has agreed to acquire a 17.4% participating interest in Petroleum Exploration Licence 90 (PEL 90), marking its first entry into Namibia’s offshore oil sector. The licence covers Block 2813B in the Orange Basin, where a drill-ready prospect is scheduled for testing in 2026.
The transaction, subject to regulatory approvals and completion processes, follows Equinor’s strategy to expand its international portfolio through disciplined growth. Before the deal, Chevron’s subsidiary Harmattan Energy Limited held a 52.5% interest in PEL 90, with the remaining 27.5% held by QatarEnergy, 10% by Trago Energy, and 10% by state-owned Namibian Oil Company (NAMCOR).
Philippe Mathieu, Equinor’s executive vice president for Exploration & Production International, said the acquisition aligns with the company’s focus on replenishing its portfolio with high-value assets. Namibia’s offshore basins are viewed as a promising frontier, complementing Equinor’s broader Atlantic Margin position.
The deal underscores growing interest in Namibia’s emerging oil sector, with exploration activity intensifying in the Orange Basin. Chevron, as the licence operator, retains majority control pending finalization of the transaction.
