Equinor Enters Namibia With Stake in Chevron-Operated Offshore Block

Equinor will acquire a 17.4% stake in Namibia's Orange Basin petroleum exploration licence 90 from Chevron's subsidiary, Harmattan Energy. The deal, pending regulatory approval, marks Equinor's entry into Namibia's upstream sector, with drilling planned for 2026. Chevron remains the operator, holding an 80% interest after recent exploration efforts. Equinor aims to strengthen its international portfolio with this acquisition, following a similar deal in Canada's Bay du Nord project.

Brent crude rose above $91 and WTI above $85 due to tensions in the Strait of Hormuz, including an attack on a vessel. Eight major oil firms, including Saudi Aramco, BP, and Chevron, nearly doubled Q2 profits to $87bn, benefiting from higher oil prices caused by the conflict. Saudi Aramco reported a 34% increase in net income to $33bn, while Chevron saw its highest quarterly profit in six years at $12.2bn.

A report by World Oil indicates that major oil companies saw profits surge to $90 billion in Q2 2025, nearly double the same period in 2024, due to supply disruptions in the Strait of Hormuz. Key beneficiaries include Saudi Aramco ($33B), BP ($5.73B), and Chevron ($12B). The surge is linked to geopolitical tensions and rising oil prices, with Brent crude climbing from $68 to $100 per barrel. Critics call for windfall taxes on oil companies.

Equinor has agreed to buy a 17.4% stake in Namibia's PEL 90 offshore licence from Chevron's subsidiary, Harmattan Energy. The deal, pending approval, marks Equinor's entry into Namibia and gives it access to a prospect set for testing in 2026. Chevron will remain the operator, with other partners including QatarEnergy, Trago Energy, and NAMCOR.

Equinor has acquired a 17.4% stake in a Namibian offshore exploration license (PEL 90) from a Chevron subsidiary. The deal, aligning with Equinor's strategy to bolster its international portfolio, grants access to a drill-ready prospect set for 2026 testing. Chevron's subsidiary previously held a 52.5% interest, with QatarEnergy, Trago Energy, and NAMCOR as other partners.

Equinor said it agreed with a Chevron subsidiary to buy a 17.4% stake in Namibia’s offshore exploration license PEL 90 in the Orange Basin. Equinor said the prospect is drill-ready for testing in 2026 and it did not disclose deal terms. Chevron subsidiary Harmattan Energy will retain 52.5%, with QatarEnergy 27.5%, Trago Energy 10%, and NAMCOR 10%.