Equinor Acquires 17.4% Stake in Namibia’s Orange Basin Oil Block
Norwegian energy company Equinor is entering Namibia’s upstream oil and gas sector after agreeing to acquire a 17.4% participating interest in Petroleum Exploration Licence 90 (PEL 90) from Harmattan Energy Limited, a subsidiary of US energy major Chevron.
The transaction marks Equinor’s first entry into Namibia and gives the company exposure to the highly prospective Orange Basin, one of Africa’s most closely watched offshore exploration regions.
PEL 90 covers Block 2813B in the Orange Basin, offshore Namibia, and is operated by Chevron. The licence includes a drill-ready prospect scheduled to be tested in 2026.
According to Equinor, the transaction forms part of its strategy to strengthen and replenish its international oil and gas portfolio through selective exploration investments.
The company said Namibia’s emerging petroleum sector offers attractive potential and complements its broader position along the Atlantic Margin.
“Namibia is a promising basin that adds attractive option value to our portfolio and complements our broader Atlantic Margin position,” said Philippe Mathieu, Equinor’s Executive Vice President for Exploration & Production International.
Chevron to Remain Operator
Following completion of the transaction, Chevron’s interest in PEL 90 will fall from 52.5% to 35.1%, while the other existing partners will retain their interests.
QatarEnergy holds a 27.5% stake, while Trago Energy and Namibia’s state-owned oil company, NAMCOR, each hold 10%. Equinor will hold the remaining 17.4%.
The deal allows Chevron to retain operatorship of the block while bringing Equinor, another major international exploration company, into the partnership ahead of planned drilling.
Equinor did not disclose the financial value of the transaction.
The acquisition remains subject to regulatory approvals and completion procedures.
Orange Basin Attracts Global Oil Majors
Equinor’s entry comes as Namibia’s Orange Basin continues to attract major international oil companies following a series of significant offshore discoveries in recent years.
The basin has become a major exploration hotspot, with companies including TotalEnergies, Shell, Chevron, QatarEnergy and others pursuing opportunities across Namibia’s offshore acreage.
The growing interest has strengthened expectations that Namibia could emerge as a significant oil-producing country. However, commercial production will depend on further exploration, appraisal drilling, development decisions and the economic viability of individual discoveries.
PEL 90 is particularly significant because it provides Equinor with access to a drill-ready prospect, with testing expected during 2026.
The planned drilling programme could provide further insight into the hydrocarbon potential of the licence and the wider Orange Basin.
Equinor’s move also expands the company’s presence along the South Atlantic Margin, where it has developed exploration expertise across several countries.
For Namibia, the entry of another major international oil company highlights the increasing global interest in its offshore petroleum resources and could support further investment in exploration and the development of the country’s emerging oil and gas industry.
The transaction will now proceed through Namibia’s regulatory approval process before completion.
