Equinor entered Namibia’s oil and gas sector by acquiring a stake in the PEL 90 exploration license from Chevron. The transaction grants the Norwegian energy giant a 17.4% interest in the project.
The license sits in the Orange Basin and features a drill-ready prospect. Testing for the site is scheduled for 2026. The companies did not disclose financial terms for the transaction.
This acquisition provides Equinor access to a major offshore exploration hotspot. Partner firms in the license include QatarEnergy, Trago Energy, and the national oil company, NAMCOR.
The deal remains subject to customary regulatory approvals. Separately, Equinor updated its ongoing share buy-back program dedicated to employee incentive plans.