August 19, 2026 [Storage Terminals Magazine]- Equinor has agreed to acquire a 17.4 percent participating interest in Petroleum Exploration Licence 90 (PEL 90) in the Orange Basin offshore Namibia from Harmattan Energy Limited, a subsidiary of Chevron.

The transaction marks Equinor’s entry into Namibia and gives the Norwegian energy company access to a drill-ready exploration prospect that is scheduled to be tested in 2026.

Entry into Namibia’s Orange Basin

The licence covers Block 2813B in the Orange Basin, one of the emerging exploration areas offshore Namibia. The licence is operated by Chevron and includes a group of international and Namibian partners.

Before the transaction, Harmattan Energy Limited held a 52.5 percent interest in PEL 90. The remaining interests are held by QatarEnergy with 27.5 percent, Trago Energy with 10 percent, and Namibia’s state-owned oil company NAMCOR, which holds 10 percent.

Following completion of the transaction, Equinor will become a participating interest holder in the licence alongside the existing partners.

The acquisition remains subject to regulatory approvals and completion of the relevant transaction processes.

Strengthening Equinor’s international portfolio

Equinor said the transaction supports its strategy of strengthening and replenishing its international exploration and production portfolio through focused and disciplined growth.

Philippe Mathieu, executive vice president for Exploration & Production International at Equinor, said Namibia represents a promising basin that provides additional opportunities for the company’s international portfolio.

Mathieu said the acquisition also complements Equinor’s broader position along the Atlantic Margin, while providing additional exploration options through its entry into the Namibian market.

Drill-ready exploration opportunity

A key attraction of PEL 90 is its access to a drill-ready prospect, with exploration drilling scheduled for 2026.

The Orange Basin has emerged as an area of increasing interest for international oil and gas companies following a series of significant offshore discoveries in the wider region. Equinor’s entry provides the company with exposure to this developing exploration basin while maintaining a focused approach to international portfolio growth.

The planned drilling campaign will provide an important test of the prospect’s hydrocarbon potential and could further contribute to understanding the resource potential of Namibia’s offshore acreage.

Expanding Atlantic Margin presence

The acquisition forms part of Equinor’s broader strategy of maintaining and expanding its position across the Atlantic Margin through selective exploration opportunities.

By securing an interest in PEL 90, the company gains exposure to an emerging offshore basin while partnering with established international and local participants, including Chevron, QatarEnergy, Trago Energy and NAMCOR.

Completion of the transaction will depend on the receipt of regulatory approvals and fulfilment of the necessary closing conditions. Once completed, the agreement will formally establish Equinor’s presence in Namibia and provide the company with an interest in an exploration opportunity expected to be tested in 2026.