Equinor acquires 17.4% stake in Namibian offshore exploration license PEL 90 from Chevron subsidiary
Type: Acquisition · Technology: Oil Gas · Country: Namibia · Announced: 2026-08-18
Equinor has signed an agreement to acquire a 17.4% stake in the petroleum exploration license (PEL) 90 in the Orange Basin offshore Namibia. This transaction marks Equinor's entry into Namibia and provides access to a drill-ready prospect scheduled for testing in 2026. Prior to this deal, Chevron subsidiary Harmattan Energy held a 52.5% interest in PEL 90, with Qatar Energy holding 27.5%, Trago Energy 10%, and state-owned NAMCOR 10%. The financial terms of the transaction were not disclosed, but Equinor stated the deal aligns with its strategy to strengthen and replenish its international portfolio.
Analysis
Equinor announced on 2026-08-18 an agreement to acquire a 17.4% stake in the petroleum exploration license (PEL) 90 in the Orange Basin offshore Namibia from Chevron subsidiary Harmattan Energy. This transaction marks Equinor's entry into Namibia. Prior to this deal, Harmattan Energy held a 52.5% interest in PEL 90, with Qatar Energy holding 27.5%, Trago Energy 10%, and state-owned NAMCOR 10%. The deal provides access to a drill-ready prospect scheduled for testing in 2026.
Key points
- Equinor acquired a 17.4% stake in PEL 90.
- The seller was Chevron subsidiary Harmattan Energy.
- The deal was announced on 2026-08-18.
- PEL 90 is located in the Orange Basin offshore Namibia.
- A drill-ready prospect is scheduled for testing in 2026.
Counterparties
- Equinor (Buyer)
- NAMCOR (Partner)
- Harmattan Energy (Seller)
- Qatar Energy (Partner)
- Chevron (Parent Company)
- Trago Energy (Partner)
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