Equinor: Resources at Namibia’s PEL 90 Could Be “Pretty Big”

Tuesday, 25th August 2026

Namibia’s offshore oil exploration sector is attracting growing international attention, with Norway’s Equinor saying the potential resources at Petroleum Exploration Licence 90 (PEL 90) in the Orange Basin could be significant if exploration succeeds.

Equinor recently agreed to acquire a 17.4% participating interest in PEL 90 from Harmattan Energy, a subsidiary of U.S. energy major Chevron. The transaction marks Equinor’s entry into Namibia and gives the company exposure to a drill-ready exploration prospect.

The licence is located in the Orange Basin offshore Namibia, one of the world's most closely watched emerging oil provinces following a series of major discoveries in the wider basin.

Equinor's Head of International Operations said that if resources are found on PEL 90, “it could be pretty big, ” highlighting the scale of the opportunity being assessed by the Norwegian energy company.

PEL 90 Partners

Following Equinor's entry, the licence interests include:

Chevron/Harmattan Energy: 35.1%

QatarEnergy: 27.5%

Equinor: 17.4%

Trago Energy: 10%

NAMCOR: 10%

The block is operated by Chevron's subsidiary Harmattan Energy. A new exploration well is expected to be drilled by the end of 2026, providing a major test of the licence's hydrocarbon potential.

PEL 90 has already undergone extensive seismic work. Previous drilling at the Kapana-1X well did not encounter commercial hydrocarbons, but the exploration programme generated geological information that companies say could improve understanding of the licence and support further drilling.

Namibia’s emerging oil frontier

Equinor's investment comes as international oil companies continue to increase their exposure to Namibia's offshore petroleum sector. The Orange Basin has become a major exploration hotspot, attracting companies including Chevron, QatarEnergy and other international players.

For Namibia, successful exploration could have significant implications for investment, government revenues, infrastructure development and energy-sector growth. However, PEL 90 remains an exploration opportunity, and any potential resource still needs to be established through drilling and subsequent appraisal.

Equinor has described Namibia as a promising basin that complements its broader Atlantic Margin portfolio.

Source: Reuters