Equinor takes 17.4% stake in Chevron-operated PEL 90, Namibia
- Equinor will acquire a 17.4% participating interest in Petroleum Exploration Licence 90 (PEL 90).
- The licence covers Block 2813B in the Orange Basin offshore Namibia and is operated by Chevron.
- A drill-ready prospect in the licence is scheduled for testing in 2026.
- Pre-transaction partner stakes were Chevron 52.5%, QatarEnergy 27.5%, Trago Energy 10% and NAMCOR 10%.
Transaction
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), marking Equinor’s entry into Namibia.
Licence and partners
PEL 90 relates to Block 2813B in the Orange Basin offshore Namibia and is operated by Chevron. Prior to the transaction, Chevron’s subsidiary owned 52.5% in PEL 90, with QatarEnergy holding 27.5%, Trago Energy 10% and state-owned NAMCOR 10%.
Opportunity and timing
The licence provides access to a drill-ready prospect scheduled for testing in 2026. Equinor states the transaction aligns with its strategy to strengthen and replenish its international portfolio and complements its broader Atlantic Margin position.
Conditions
The closing of the transaction is subject to regulatory approvals and completion processes.
Source: Equinor