Equinor has agreed to buy a 17.4% participating interest in Petroleum Exploration Licence 90 (PEL 90) offshore Namibia from Harmattan Energy, a Chevron subsidiary. The deal marks Equinor's entry into Namibia.

PEL 90 covers Block 2813B in the Orange Basin and is operated by Chevron. Before the sale, Chevron's subsidiary held 52.5% of the license. The other partners are QatarEnergy with 27.5%, Trago Energy with 10% and the state-owned NAMCOR with 10%.

Why Equinor is here

Philippe Mathieu, Equinor's executive vice president for Exploration & Production International, said the deal fits the company's strategy to rebuild its international portfolio through disciplined growth. He called Namibia "a promising basin that adds attractive option value to our portfolio" and said it complements Equinor's existing position along the Atlantic Margin.

What's on the license

PEL 90 already holds a drill-ready prospect, with testing scheduled for 2026. The transaction still needs to close, which depends on regulatory approvals and completion processes.

Ownership in PEL 90 before the deal:

  • Harmattan Energy (Chevron): 52.5%
  • QatarEnergy: 27.5%
  • Trago Energy: 10%
  • NAMCOR: 10%

We reported that Chevron confirmed an oil and gas discovery at Angola's Block 0.