Aug. 18 at 8:51 PM
Equinor agreed to acquire a 17.4% stake in oil exploration license PEL 90 in Namibia’s Orange Basin from Chevron subsidiary Harmattan Energy, marking the Norwegian energy company’s entry into Namibia. The license contains a drill-ready prospect scheduled for testing in 2026, giving Equinor direct exposure to one of Africa’s emerging offshore exploration regions.
Financial terms were not disclosed, but Equinor said the transaction fits its strategy of strengthening and renewing its international exploration portfolio. The deal also gives the company access to a potentially significant offshore resource at a time when major energy producers are seeking new sources of long-term oil and gas supply.
Before the transaction, Harmattan Energy held a 52.5% stake in PEL 90, while QatarEnergy owned 27.5%, Trago Energy 10% and Namibia’s state-owned NAMCOR 10%. Equinor’s participation adds another major international operator to the project ahead of the planned 2026 drilling campaign.
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