Equinor joins Chevron in Namibia offshore block as Africa oil expands

Equinor, a Norwegian international energy company, is entering Namibia’s emerging offshore oil industry, agreeing to acquire a 17.4% participating interest in Petroleum Exploration Licence 90 from Harmattan Energy Limited, a subsidiary of Chevron Corporation.

The deal gives Equinor access to a drill-ready prospect in the Orange Basin, with drilling scheduled for 2026. Completion remains subject to regulatory approvals and other closing conditions.

“This transaction aligns with our strategy to strengthen and replenish our international portfolio through focused and disciplined growth,” said Philippe Mathieu, Equinor’s executive vice president for Exploration & Production International.

Chevron leads Orange Basin partnership

PEL 90 covers Block 2813B offshore Namibia and is operated by Chevron. Before the transaction, Chevron’s subsidiary held a 52.5% interest, while QatarEnergy owned 27.5%, Trago Energy 10% and state-owned NAMCOR 10%.

Harmattan Energy operates as Chevron’s exploration arm in Namibia and holds the major participating interest in PEL 90. Equinor’s entry adds another global energy company to a region that has attracted increasing attention following major offshore discoveries and renewed exploration activity.

Equinor expands African energy portfolio

Headquartered in Stavanger, Norway, Equinor was formerly known as Statoil before adopting its current name in 2018. The Norwegian state remains its largest shareholder, with a 67% stake.

The Norwegian continental shelf remains the backbone of Equinor’s business, while the company also maintains upstream operations in the United States, Brazil, the UK, Angola and Canada.

Beyond oil and natural gas, Equinor invests in offshore wind, solar power, green hydrogen and carbon capture, utilization and storage as it works toward its net-zero ambitions. The company recently completed its exit from Nigeria after selling its local business and interest in the Agbami deepwater oil field to Chappal Energies.

Chevron maintains major Namibia position

Chevron is one of the world’s largest integrated energy companies, exploring for, producing and refining crude oil and natural gas across more than 100 countries.

Its operations span oil and gas production, petroleum refining, fuels, lubricants and petrochemicals, alongside investments in lower-carbon technologies including geothermal energy, hydrogen and carbon capture.

The Namibia agreement strengthens Chevron’s position in the Orange Basin while giving Equinor a foothold in one of Africa’s most closely watched offshore oil regions.