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Equinor Buys 17.4% Namibia Exploration Stake From Chevron Unit

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Equinor (EQNR) has agreed to acquire a 17.4% stake in Petroleum Exploration License 90 from Harmattan Energy, a Chevron (CVX) subsidiary in Namibia, gaining access to an offshore drill-ready prospect, the company said Tuesday.

The transaction marks Equinor's entry into Namibia and covers Block 2813B in the Orange Basin, offshore Namibia, where Chevron operates PEL 90.

Before the deal, Harmattan Energy held a 52.5% interest in the license, while QatarEnergy owned 27.5%, Trago Energy 10% and state-owned oil company National Petroleum Corporation of Namibia 10%.

The transaction remains subject to regulatory approvals and completion procedures, Equinor said.

"Namibia is a promising basin that adds attractive option value to our portfolio and complements our broader Atlantic Margin position," said Philippe Mathieu, executive vice president for exploration and production international at Equinor.

Price: $41.91, Change: $+0.09, Percent Change: +0.22%

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