Equinor Targets Massive Offshore Oil Discovery in Namibia

**Equinor Targets Significant Oil Find in Namibia’s Orange Basin**

Norway’s state-backed energy giant, Equinor, is aiming for a major oil breakthrough in Namibia’s offshore waters, a region that has rapidly become a premier global exploration hotspot.

Speaking at an energy conference in Stavanger, Norway, Philippe Mathieu, Equinor’s Executive Vice President of Exploration & Production International, expressed optimism that the company’s newly acquired acreage in Petroleum Exploration License 90 (PEL 90) could yield a substantial discovery. The company hopes to replicate the massive successes achieved by competitors TotalEnergies and Galp in the prolific Orange Basin.

Equinor officially entered the Namibian market last week by acquiring a 17.4% stake in PEL 90 from Harmattan Energy Limited, a subsidiary of U.S. supermajor Chevron. The transaction secures Equinor’s participation in a highly anticipated, drill-ready prospect, with exploratory drilling scheduled to commence in 2026.

Mathieu noted that the acquisition aligns with Equinor’s broader strategy of disciplined, international portfolio expansion, describing Namibia as a high-potential basin that enhances the company’s existing Atlantic Margin assets.

The move places Equinor among a growing list of global energy majors—including Shell, TotalEnergies, Galp, and BP—vying for a share of Namibia’s offshore wealth. While the country is frequently compared to Guyana in terms of its resource potential, it currently lacks the infrastructure required to quickly develop and commercialize these discoveries. To address these challenges, the Namibian government is currently exploring new incentives and financing mechanisms to assist international operators as they transition from exploration to production.