Equinor Eyes Major Oil Discovery Offshore Namibia

Norway’s energy major Equinor hopes to make a “pretty big” oil discovery offshore Namibia, the global exploration hotspot it has just entered, a senior company official said on Tuesday.

Equinor hopes that the Petroleum Exploration License 90 (PEL 90) offshore Namibia could hold a big discovery similar to those TotalEnergies and Galp have made in recent years in the same Orange basin, Philippe Mathieu, Executive Vice President, Exploration & Production International, at Equinor, told reporters on the sidelines of an energy conference in Norway’s city of Stavanger.

A week ago, the Norwegian oil and gas major entered the Namibian exploration rush by signing an agreement with Harmattan Energy Limited, a Chevron subsidiary in Namibia, to buy a 17.4% participating interest in Petroleum Exploration License 90 (PEL 90) in the Orange Basin offshore Namibia.

The deal with the U.S. supermajor marks Equinor’s entry into Namibia, and the license provides access to a drill-ready prospect scheduled for testing in 2026, the Norwegian company said last week.

“This transaction aligns with our strategy to strengthen and replenish our international portfolio through focused and disciplined growth,” Mathieu said last week.

“Namibia is a promising basin that adds attractive option value to our portfolio and complements our broader Atlantic Margin position.”  

Equinor is the latest international oil major to venture into the Namibia exploration rush, which has seen several big discoveries by TotalEnergies, Galp, and Shell in recent years.

Earlier this year, BP also moved to boost its presence offshore Namibia by acquiring additional equity stakes in three exploration blocks.

Namibia hopes to become the next Guyana, but it lacks infrastructure to fast-track the discoveries, which makes them more expensive and difficult to develop and monetize. The African country is weighing potential further incentives and financing options to offer to international majors preparing plans for oil production.

By Tsvetana Paraskova for Oilprice.com

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