Equinor Acquires Stake in Namibian Offshore Exploration License

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Norway's Equinor said on Tuesday it has signed an agreement with a Chevron subsidiary to acquire a 17.4% stake in a petroleum exploration licence (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," the company said in a statement.

Equinor did not disclose the value of the transaction but said the deal aligns with a strategy to strengthen and replenish its international portfolio.

Prior to the transaction, Chevron subsidiary Harmattan Energy owned an interest of 52.5% in PEL 90, with the other partners in the licence being QatarEnergy  with 27.5%, Trago Energy with 10% and state-owned oil company NAMCOR with 10%.

(Reuters)