Equinor enters Namibia's Orange Basin with 17.4% stake in PEL 90
The Orange Basin off the coast of Namibia has been drawing intensifying cross-border attention following several major discoveries in the region, and that pull is now reaching Norway. Equinor has agreed to acquire a 17.4%…
Key takeaways
- Equinor has agreed to acquire a 17.4% participating interest in petroleum exploration licence 90 (PEL 90) from Harmattan Energy, a Chevron subsidiary, marking its entry into Namibia's upstream sector.
- PEL 90 is operated by Chevron in Namibia's Orange Basin, in Block 2813B, at water depths of 2,300 to 3,300 metres, with a drill-ready prospect testing planned for 2026.
- In January 2025, Chevron drilled the Kapana-1X well in PEL 90 but found no commercially viable hydrocarbons.
- After Harmattan Energy's prior 52.5% stake, remaining PEL 90 interests are held by QatarEnergy (27.5%), Trago Energy (10%), and Namibia's state-owned NAMCOR (10%).
- The deal remains subject to regulatory approval and closing conditions and fits Equinor's Atlantic Margin strategy, following its recent move to take 100% ownership of the Bay du Nord project off Newfoundland and Labrador.
The Orange Basin off the coast of Namibia has been drawing intensifying cross-border attention following several major discoveries in the region, and that pull is now reaching Norway. Equinor has agreed to acquire a 17.4% participating interest in petroleum exploration licence 90 (PEL 90) from Harmattan Energy, a subsidiary of Chevron, marking the company's entry into the Namibian upstream sector. The deal, subject to regulatory approval and closing conditions, grants Equinor access to a drill-ready prospect in Block 2813B with testing planned for 2026.
The licence is operated by Chevron in water depths ranging from 2,300 to 3,300 metres. Before the transaction, Harmattan Energy held a 52.5% stake. The remaining interest is distributed among QatarEnergy, which holds 27.5%, Trago Energy at 10%, and Namibia's state-owned company NAMCOR at 10%.
A position along the Atlantic Margin
Philippe Mathieu, Equinor's executive vice-president for exploration and production international, said the deal is consistent with the company's strategy to strengthen and replenish its international portfolio through focused growth. He framed Namibia as a promising basin that adds option value and complements Equinor's broader Atlantic Margin position, a geography where the company has accumulated operational experience.
Chevron's history in PEL 90 provides the sector cycle context. In October 2022, Chevron secured an 80% operated working interest, agreeing to fund a 6,600 square kilometre 3D seismic survey and the licence's first exploration well. In January 2025, Chevron drilled the Kapana-1X well in PEL 90. No commercially viable hydrocarbons were found. Chevron is currently evaluating its options, with environmental filings covering up to five exploration and five appraisal wells, with possible activities beginning in 2026.
That Kapana-1X result is the macro caveat sitting behind every new commitment in this basin. The Orange Basin is broadly viewed as having considerable long-term prospects, but the capex cycle here is early-stage and the next data point is still ahead. Equinor's 17.4% stake is, on balance, an option buy.
The Namibia move fits a pattern Equinor has been executing along the Atlantic Margin. Last month, the company signed an agreement to acquire bp's stake in the Bay du Nord project in the Flemish Pass basin, roughly 500 kilometres off the coast of Newfoundland and Labrador. That deal will raise Equinor's ownership in Bay du Nord to 100%. Completion of the PEL 90 transaction remains pending regulatory approval and the fulfilment of closing conditions.
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