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Norway’s state-owned energy giant Equinor has bolstered its exploration portfolio by joining an exploration license in the Orange Basin offshore Namibia, operated by the U.S.-headquartered energy giant Chevron.
Equinor has signed an agreement with Harmattan Energy , a Chevron subsidiary in Namibia, to acquire a 17.4% participating interest in petroleum exploration license 90 (PEL 90), referring to Block 2813B in the Orange Basin.
The transaction marks the Norwegian firm’s entry into Namibia and provides access to a drill-ready prospect scheduled for testing in 2026. Currently, Chevron’s subsidiary owns an interest of 52.5% in PEL 90.
The closing of the transaction is subject to regulatory approvals and completion processes. The other partners in the license are QatarEnergy (27.5%), Trago Energy (10%), and the state-owned oil company NAMCOR (10%).
Philippe Mathieu , Executive Vice President for Exploration & Production International, commented: “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.”
Equinor recently boosted its hydrocarbon reserves with multiple discoveries offshore Norway, including an oil discovery in the Skrugard North Tubåen prospect, putting on the table a potential tie-back to the country’s largest oil development ever brought on stream in the Barents Sea.