Norwegian energy company Equinor is entering Namibia’s offshore oil and gas sector after agreeing to acquire a 17.4% participating interest in Chevron-operated Petroleum Exploration Licence 90 in the Orange Basin.
Chevron subsidiary Harmattan Energy Limited has agreed to farm out the interest to Equinor, reducing its holding in PEL 90 from 52.5% to 35.1% once the transaction is completed.
Chevron will remain operator of the licence, while QatarEnergy International E&P will retain 27.5%, with Trago Energy and NAMCOR holding 10% each.
The transaction remains subject to regulatory approvals and completion requirements. Financial terms were not disclosed.
Equinor’s entry comes as Chevron prepares to drill the Nabba-1X exploration well on PEL 90 before year-end.
Chevron Namibia country manager Beatrice Bienvenu said the partnership would combine the two companies’ capabilities as exploration continues.
“We are pleased to partner with Equinor offshore Namibia and are looking forward to using our joint capabilities and strategic partnership for the benefit of the country,” Bienvenu said.
“The agreement provides Equinor with the opportunity to participate in this high potential hydrocarbon region with the Nabba-1X exploration well to be spudded before the end of the year.”
PEL 90 covers Block 2813B offshore southern Namibia in the Orange Basin. Harmattan Energy currently operates the licence, holding 52.5% before the Equinor transaction, alongside QatarEnergy with 27.5%, NAMCOR with 10%, and Trago Energy with 10%.
Once the transaction is completed, Chevron will hold 35.1%, QatarEnergy 27.5%, Equinor 17.4%, Trago Energy 10% and NAMCOR 10%.
