By: Ecofin Agency

Norwegian energy major Equinor said on Tuesday, Aug. 18, it had reached an agreement with a subsidiary of U.S. oil major Chevron to acquire a 17.4% stake in the PEL 90 oil exploration license offshore Namibia in the Orange Basin.

The transaction, whose value was not disclosed, remains subject to regulatory approvals. Once completed, it will mark the Norwegian group’s first entry into a new country’s upstream sector since entering Argentina in 2017.

The PEL 90 license is operated by Chevron through its subsidiary Harmattan Energy. Before the transaction, Harmattan Energy held a 52.5% interest, alongside QatarEnergy with 27.5%, Trago Energy with 10% and Namibia’s state-owned NAMCOR with 10%.

An exploration well is due to be drilled on the license before the end of 2026. The well will help assess the potential of this part of the Orange Basin.

Another oil major enters Namibia

Equinor’s move comes four months after BP entered the country. In April, the British group reached an agreement to acquire 60% stakes in three offshore exploration licenses, PEL 97, PEL 99 and PEL 100, in the Walvis Basin.

Although the transactions involve different areas and give the companies different roles, both reflect continued interest in Namibia among major oil companies. Since the first discoveries were made in the Orange Basin in 2022, several international groups have expanded their presence or acquired new interests in the country.

TotalEnergies is working on the development of the Venus discovery and strengthened its position in PEL 83 in late 2025. Chevron also holds interests in several licenses, while Galp, QatarEnergy, Eni and other companies have participated in exploration campaigns offshore Namibia in recent years.

For Windhoek, the continued influx of new investors marks another step in the development of the country’s emerging oil industry. The government hopes offshore discoveries can eventually help diversify an economy that relies heavily on mining, fishing and services.