Equinor acquires 17% stake in Namibia offshore oil block alongside Chevron and partners
Norwegian energy firm Equinor has bought a 17% interest in Chevron's deepwater license off Namibia, joining other major investors in the region's emerging oil sector.
Equinor secured a 17% share of the offshore exploration permit that Chevron holds off Namibia's southwest coast. The partnership also includes QatarEnergy, Trago Energy and other Namibian companies, while state oil firm NAMCOR retains a guaranteed 10% stake in every license. This move adds another global player to what is being described as sub-Saharan Africa's most active oil play, occurring alongside Namibia's efforts to develop a multibillion-dollar green industry. The investment aligns with renewed U.S. support for fossil-fuel projects.
Why it matters
The deal highlights Namibia's growing role in global oil markets and signals renewed international backing for fossil-fuel projects.
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