WINDHOEK, Aug 18 – Norway’s Equinor ASA is entering Namibia’s offshore oil sector through an agreement to acquire a 17.4% participating interest in Petroleum Exploration Licence 90 (PEL 90) in the Orange Basin from Chevron Corp.’s Harmattan Energy.
The transaction marks Equinor’s entry into Namibia and gives the Norwegian energy producer exposure to a drill-ready prospect offshore the country, with drilling expected to take place in 2026, according to a company statement.
The licence covers Block 2813B in the Orange Basin and is operated by Chevron. Before the transaction, Chevron’s subsidiary held a 52.5% interest in PEL 90, while QatarEnergy held 27.5%, Trago Energy 10% and Namibia’s state-owned oil company NAMCOR 10%.
Equinor said the acquisition forms part of its strategy to strengthen and replenish its international exploration portfolio while maintaining a disciplined approach to growth.
“This transaction aligns with our strategy to strengthen and replenish our international portfolio through focused and disciplined growth. Namibia is a promising basin that adds attractive option value to our portfolio and complements our broader Atlantic Margin position,” said Philippe Mathieu, Equinor’s executive vice president for Exploration & Production International.
The deal places Equinor among a growing group of international energy companies pursuing exploration opportunities in Namibia’s Orange Basin, an offshore region that has attracted significant industry attention following a series of oil and gas discoveries.
For Equinor, the acquisition provides an opportunity to establish a position in a frontier basin while complementing its existing exposure along the Atlantic Margin. The company will gain access to a prospect that is sufficiently advanced for drilling activity, allowing it to assess the basin’s commercial potential through exploration.
Namibia has been seeking to develop its offshore petroleum resources and attract international capital and technical expertise into the sector. The growing participation of major energy companies has increased expectations that new discoveries could eventually support the development of a larger domestic oil and gas industry.
The transaction remains subject to regulatory approvals and the completion of other closing conditions. Once those requirements are satisfied, Equinor will formally become a partner in PEL 90 alongside Chevron, QatarEnergy, Trago Energy and NAMCOR.
The planned 2026 drilling campaign will be an important next step for the partnership, with exploration results determining the scale of any commercially recoverable resources and the potential for further investment in Namibia’s offshore energy sector.
