Norwegian energy major Equinor is set to enter Namibia’s offshore oil and gas sector after reaching an agreement with Chevron to acquire a 17.4% participating interest in Petroleum Exploration Licence 90 (PEL 90) in the Orange Basin.
The agreement will see Chevron’s Namibian subsidiary, Harmattan Energy Limited, farm out the stake in PEL 90, which covers Block 2813B, to Equinor Energy International AS.
The transaction remains subject to the licence partners’ pre-emption rights and regulatory approvals.
Equinor’s entry comes ahead of the planned drilling of the Nabba-1X exploration well on PEL 90 before the end of 2026, giving the Norwegian company exposure to exploration in one of Namibia’s key offshore petroleum basins.
Chevron Country Manager Namibia Beatrice Bienvenu said the partnership would bring together the capabilities of the two international energy companies.
“We are pleased to partner with Equinor offshore Namibia and are looking forward to using our joint capabilities and strategic partnership for the benefit of the country,” Bienvenu said.
“The agreement provides Equinor with the opportunity to participate in this high potential hydrocarbon region with the Nabba-1X exploration well to be spudded before the end of the year.”
Upon completion of the transaction, Chevron, through Harmattan Energy, will remain operator of PEL 90 with a 35.1% working interest.
QatarEnergy International E&P LLC will retain a 27.5% interest, while Equinor will hold 17.4%. Trago Energy and Namibia’s national petroleum company NAMCOR will each hold 10%.
Equinor’s entry adds another major international energy company to Namibia’s offshore exploration sector as interest in the country’s petroleum potential continues to grow.
Chevron will also retain its wider exploration position in Namibia. In addition to PEL 90, the company operates PEL 82, covering Blocks 2112B and 2212A in the offshore Walvis Basin, where it holds an 80% working interest.
