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, or 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 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. 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.
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Dell Technologies IncHarmattan Energy, a Chevron subsidiary, is selling a 17.4% stake in PEL 90 to Equinor, which could be positive for Harmattan as it monetizes its interest.
