Equinor is paying its way into Namibia's Orange Basin without a discovery of its own to show for it: a 17.4% stake in a Chevron-operated block, bought from a well that already came up dry nearby. The company signed an agreement with Chevron to acquire the interest in Petroleum Exploration License 90, marking Equinor's first entry into Namibia.
The terms
Equinor is buying the stake from Harmattan Energy, Chevron's Namibian subsidiary, which held 52.5% of PEL 90 before the deal. Chevron operates the license, which covers Block 2813B in water depths of 2,300 to 3,300 meters. The license carries a drill-ready prospect, with testing planned for 2026. Closing is subject to regulatory approvals and customary conditions.
Chevron secured an 80% operated working interest in the block in October 2022 and drilled the Kapana-1X well there in January 2025. That well did not encounter commercially viable hydrocarbons.
The rest of the license
- QatarEnergy: 27.5%
- Trago Energy: 10%
- NAMCOR (Namibia's state-owned company): 10%
Why the location matters
PEL 90 sits roughly 60 km from TotalEnergies' Venus-1 discovery and Shell's Graff discovery, both in the Orange Basin. Those two finds have drawn sustained industry interest in the play.
Equinor's entry puts it in acreage bracketed by two of the discoveries that built that interest, operated by a partner, Chevron, whose own well on the same block found nothing. QatarEnergy and NAMCOR are already partners in PEL 90 alongside Chevron.
