Equinor has agreed to acquire a 17.4% participating interest in petroleum exploration licence 90 (PEL 90) in the Orange Basin off the coast of Namibia from Harmattan Energy, a subsidiary of Chevron.
The licence covers Block 2813B and is operated by Chevron in water depths ranging from 2,300m to 3,300m.
This transaction marks Equinor’s entry into the Namibian upstream sector and grants the company access to a drill-ready prospect, with testing planned for 2026.
Prior to the agreement, Harmattan Energy held a 52.5% stake in PEL 90.
The other participants in the licence are QatarEnergy, which holds 27.5%, Trago Energy with 10% and Namibia’s state-owned oil company NAMCOR, also with 10%.
Completion of the deal is still pending regulatory approval and the fulfilment of closing conditions.
Equinor exploration and production international executive vice-president Philippe Mathieu said: “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.”
In October 2022, Chevron secured an 80% operated working interest in PEL 90 by agreeing to fully cover the costs of initial exploration work including a 6,600km² 3D seismic survey and the first exploration well.
In January 2025, Chevron drilled the Kapana-1X well in PEL 90, which did not find commercially viable hydrocarbons.
Chevron is currently evaluating future plans for PEL 90, with environmental filings in place for up to five exploration and five appraisal wells, with possible activities beginning in 2026.
Namibia is located along the South Atlantic Margin, an area where Equinor has gained experience through operations in various countries.
Interest in the Orange Basin has increased following several major discoveries. The basin is currently viewed as having considerable long-term prospects.
Last month, Equinor signed an agreement to acquire bp’s stake in the Bay du Nord project, which will raise Equinor’s ownership to 100%.
Bay du Nord is situated in the Flemish Pass basin, roughly 500km off the coast of Newfoundland and Labrador.
