NORWEGIAN state oil company Equinor has entered the race for Namibian oil, investing in Chevron’s petroleum exploration licence in the Orange Basin.
Equinor announced on Tuesday that it would enter Namibia’s petroleum sector, through a 17.4% stake in the licence.
“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,” Equinor exploration executive vice president Philippe Mathieu says.
Petroleum exploration licence 90 is located next to the two oil blocks where the Venus and Mopane discoveries were made.
Harmattan Energy Limited – Chevron’s subsidiary in Namibia – currently owns 52.5% of the licence. QatarEnergy (27.5%), Trago Energy (10%) and the National Petroleum Corporation of Namibia (10%) are the other partners in the licence.
