Equinor acquired a 17.4% interest in Petroleum Exploration Licence 90 (PEL 90). The interest came from a Chevron subsidiary. This marks Equinor's first entry into Namibia.
The license is located in the offshore Orange Basin. This basin has become an exploration hotspot following several significant oil discoveries.
The deal provides Equinor access to a drill-ready prospect. Testing is scheduled for 2026.
Chevron will retain a 52.5% stake. Chevron will continue as the operator.
Other partners include QatarEnergy with 27.5%. Trago Energy holds 10%. Namibia's state-owned oil company, NAMCOR, also holds 10%.