Equinor Eyes Major Oil Discovery Offshore Namibia

Norway's Equinor anticipates a significant oil discovery in offshore Namibia, the global exploration hub it recently joined, according to a senior company official. The company believes Petroleum Exploration License 90 PEL 90 offshore Namibia could yield a discovery akin to those made by TotalEnergies and Galp in recent years in the same Orange basin, said Philippe Mathieu, Executive Vice President of Exploration & Production International at Equinor.

Equinor entered the Namibian exploration race last week by signing an agreement with Harmattan Energy Limited, a Chevron subsidiary in Namibia, to acquire a 17.4% participating interest in the PEL 90 license in the Orange Basin offshore Namibia. The deal marks Equinor's first presence in Namibia, and the license grants access to a drill-ready prospect slated for testing in 2026.

Mathieu emphasized that this transaction aligns with the company's strategy to enhance and replenish its international portfolio through strategic, disciplined growth. Namibia is emerging as a promising basin, attracting several major oil companies in recent years due to its attractive option value and complementing the company's broader Atlantic Margin position.

However, harnessing the full potential of these discoveries is challenging due to the country's lack of infrastructure to fast-track the development and monetization of these resources. Namibia is contemplating further incentives and financing options to attract international majors planning for oil production.