Commodities
Home›Commodities›Energy›Equinor targets big offshore Namibia oil discovery in…
Equinor targets big offshore Namibia oil discovery in PEL 90
Equinor says the PEL 90 license offers a drill ready prospect scheduled for testing in 2026 after it bought a 17.4% stake from Harmattan Energy.
Equinor is betting on a potentially major oil discovery offshore Namibia as it develops its first exposure in the country’s exploration push, a senior executive said at an energy conference in Stavanger, Norway, according to OilPrice.
The company is focused on Petroleum Exploration License 90, or PEL 90, in the Orange Basin, where Equinor expects prospects to be similar in scale to discoveries made by TotalEnergies and Galp in recent years.
A week earlier, Equinor entered Namibia by signing an agreement with Harmattan Energy Limited, a Chevron subsidiary in Namibia, to buy a 17.4% participating interest in PEL 90.
Equinor said the license provides access to a drill ready prospect scheduled for testing in 2026, and described the move as part of a strategy to strengthen and replenish its international portfolio through focused, disciplined growth.