Key facts
- Equinor hopes for a significant oil discovery offshore Namibia.
- The company recently acquired a 17.4% interest in Petroleum Exploration License 90 (PEL 90).
- PEL 90 contains a drill-ready prospect to be tested in 2026.
- Equinor's entry into Namibia aligns with its strategy to grow its international portfolio.
- Namibia's Orange Basin has seen major discoveries by TotalEnergies, Galp, and Shell.
Norway's Equinor is optimistic about making a substantial oil discovery offshore Namibia, a region experiencing a significant exploration rush. Philippe Mathieu, Executive Vice President for Exploration & Production International at Equinor, stated the company's hope for a discovery similar to those made by TotalEnergies and Galp in the same Orange Basin.
Equinor recently entered the Namibian market by acquiring a 17.4% participating interest in Petroleum Exploration License 90 (PEL 90) from Harmattan Energy Limited, a Chevron subsidiary. This license includes a drill-ready prospect slated for testing in 2026. Mathieu noted that this acquisition supports Equinor's strategy of strengthening and replenishing its international portfolio, viewing Namibia as a promising basin that offers attractive option value and complements its Atlantic Margin position.
Equinor joins other major international oil companies like TotalEnergies, Galp, and Shell, which have reported significant discoveries in Namibia in recent years. BP has also increased its stake in Namibian exploration blocks. Despite the potential, Namibia faces challenges in developing and monetizing these discoveries due to a lack of infrastructure, prompting the country to consider further incentives and financing options for international oil majors.