Equinor acquires stake in Namibia PEL 90

Equinor has signed an agreement with Harmattan Energy Limited, a Chevron subsidiary in Namibia, to acquire a 17.4% participating interest in Petroleum Exploration Licence 90 (PEL 90) in the Orange Basin offshore Namibia. The transaction marks Equinor's entry into Namibia and provides access to a drill-ready prospect scheduled for testing in 2026. PEL 90 covers Block 2813B and is operated by Chevron, which retains a substantial interest. Prior to the transaction, Chevron's subsidiary held a 52.5% interest, with other partners including QatarEnergy (27.5%), OVO Energy (10%), and Namibia's state-owned National Petroleum Corporation of Namibia (10%). The deal aligns with Equinor's strategy to strengthen its international portfolio and complements its Atlantic Margin position. The closing is subject to regulatory approvals and completion processes. The Orange Basin has attracted significant industry attention following major offshore discoveries, and this acquisition adds another major international explorer to the licence ahead of planned drilling.