Equinor Enters Namibia with 17.4% Stake in Chevron-led Block

Equinor is entering Namibia’s offshore oil sector through a 17.4 per cent stake in a Chevron-operated exploration block in the Orange Basin, giving the Norwegian company access to a prospect scheduled for drilling in 2026.

The state-owned Norwegian energy giant signed an agreement with Harmattan Energy, a Chevron subsidiary in Namibia, to acquire the participating interest in Petroleum Exploration Licence 90, known as Block 2813B.

The transaction gives Equinor its first position in Namibia and places it alongside Chevron, QatarEnergy, Trago Energy and Namibia’s state-owned oil company NAMCOR in the licence.

Chevron’s subsidiary currently holds 52.5 per cent of PEL 90. QatarEnergy owns 27.5 per cent, Trago Energy has 10 per cent and NAMCOR holds the remaining 10 per cent.

Equinor’s entry gives the company a position in a basin where the licence already contains a prospect considered ready for drilling. Testing is scheduled for 2026, giving the Norwegian company an immediate exploration opportunity in its new Namibian portfolio.

The transaction has not yet been completed. It requires regulatory approvals and completion of the necessary processes before Equinor can formally take up the 17.4 per cent interest.

Namibia becomes part of Equinor’s Atlantic portfolio

Philippe Mathieu, Executive Vice President for Exploration & Production International at Equinor, said the acquisition fits the company’s approach to its international exploration business.

“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.”

The agreement gives Equinor exposure to the Orange Basin through a partnership led by Chevron’s Namibian subsidiary. The basin has become an area of interest for the companies involved in PEL 90, with the licence now set to test its drill-ready prospect in 2026.

The transaction, for Namibia, brings another major international energy company into its offshore exploration sector. Equinor’s participation will also place the company alongside QatarEnergy, Trago Energy and NAMCOR in the ownership structure of the licence.

The Norwegian company has also been active in exploration in its home country. It recently reported several hydrocarbon discoveries offshore Norway, including an oil discovery at the Skrugard North Tubåen prospect.

That discovery could potentially be tied back to Norway’s largest oil development ever brought on stream in the Barents Sea.

The Namibia transaction therefore gives Equinor another exploration position outside Norway as it develops its international portfolio. Its 17.4 per cent interest in PEL 90 will be subject to regulatory approval and completion processes before the acquisition is finalised.