The transaction marks Equinor’s entry into Namibia and the licence provides access to a drill-ready prospect scheduled for testing in 2026.

“This transaction aligns with our strategy to strengthen and replenish our international portfolio through focused and disciplined growth. Namibia is a promising basin that adds attractive option value to our portfolio and complements our broader Atlantic Margin position,” says Philippe Mathieu, executive vice president for Exploration & Production International.

The licence relates to Block 2813B in the Orange Basin, offshore Namibia, and is operated by Chevron. Prior to the transaction, Chevron’s subsidiary owned an interest of 52.5% in PEL 90, with the other partners in the licence being QatarEnergy (27.5%), Trago Energy (10%) and the state-owned oil company NAMCOR (10%).

The closing of the transaction is subject to regulatory approvals and completion processes.