Equinor buys 17.4% new stake in PEL 90 from Chevron

Norwegian energy major Equinor has agreed to buy a 17.4% stake in the PEL 90 petroleum exploration licence in Namibia’s Orange Basin from a subsidiary of U.S. oil giant Chevron, marking the company’s first upstream entry into a new country since entering Argentina in 2017.

The Orange Basin has emerged as one of the world’s most active exploration zones following a series of recent oil discoveries, attracting strong interest from international oil companies seeking new acreage.

Equinor said the transaction aligns with its strategy to strengthen and replenish its international oil and gas portfolio. The company has scaled back its earlier ambitions in renewable energy, consistent with a broader trend among major oil producers.

Before the deal, Chevron subsidiary Harmattan Energy held a 52.5% operating stake in PEL 90. Other partners were QatarEnergy (27.5%), Trago Energy (10%) and Namibia’s state-owned oil company NAMCOR (10%).

A well is scheduled to be drilled on the block by the end of the year. Equinor declined to disclose the purchase price for the stake.

ALSO READ: CITI TO ACQUIRE KARD, BOOSTING PERSONALIZED CARD REWARDS

An Equinor spokesperson said the company is “always looking for interesting opportunities” when asked about the possibility of further acquisitions in Namibia, but provided no additional details.

The agreement remains subject to regulatory approvals and a completion process.The move expands Equinor’s international upstream footprint into a highly prospective West African basin at a time when several majors are prioritising conventional oil and gas opportunities.