Equinor acquires stake in Namibia offshore oil block

Investing.com -- Equinor has entered into an agreement with Harmattan Energy Limited, a Chevron subsidiary in Namibia, to purchase a 17.4% participating interest in Petroleum Exploration Licence 90 in the Orange Basin offshore Namibia.

The transaction represents Equinor's first entry into Namibia. The licence includes access to a drill-ready prospect that is scheduled for testing in 2026.

The licence covers Block 2813B in the Orange Basin, offshore Namibia, and is operated by Chevron. Before the transaction, Chevron's subsidiary held a 52.5% interest in PEL 90. The remaining partners in the licence are QatarEnergy with 27.5%, Trago Energy with 10%, and the state-owned oil company NAMCOR with 10%.

"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," said Philippe Mathieu, executive vice president for Exploration & Production International.

The transaction is subject to regulatory approvals and completion processes.

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