Equinor joins Chevron in Namibia exploration licence
Equinor has signed an agreement with Harmattan Energy Limited, a Chevron subsidiary in Namibia, to acquire a 17.4% participating interest in Petroleum Exploration Licence 90 (PEL 90) in the Orange Basin offshore Namibia. The transaction marks Equinor’s entry into Namibia and the licence provides access to a drill-ready prospect scheduled for testing in 2026. “This ...
Equinor has entered into an agreement with Harmattan Energy Limited, a Chevron subsidiary, to acquire a 17.4% stake in Petroleum Exploration Licence 90 (PEL 90) in Namibia's Orange Basin. This marks Equinor's first foray into the Namibian market. The licence grants access to a drill-ready prospect, which is slated for testing in 2026.
Philippe Mathieu, executive vice president for Exploration & Production International at Equinor, stated that this transaction supports their strategy of expanding and rejuvenating their international portfolio. Namibia's Orange Basin is considered a promising basin that enhances the option value of Equinor's portfolio and complements their Atlantic Margin position.
The licence covers Block 2813B in the Orange Basin, and it is currently operated by Chevron. Prior to the purchase, Chevron's subsidiary held a 52.5% interest in PEL 90, with other partners including QatarEnergy (27.5%), Trago Energy (10%), and the state-owned oil company NAMCOR (10%). The transaction's completion is dependent on obtaining regulatory approvals and fulfilling completion processes.
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