Norway’s Equinor bought into Chevron’s deepwater block off the coast of Namibia, the latest global energy giant to bet on the country’s vast offshore oil boom.
Equinor took a 17% stake in the license, joining Chevron, QatarEnergy, and Namibian firms such as Trago Energy in transforming the southwest African nation’s coast from an unproven frontier into sub-Saharan Africa’s hottest oil play.
State oil company NAMCOR holds a guaranteed 10% stake in all exploration licenses, giving Windhoek a direct cut of any future production without upfront drilling costs.
The oil deals are unfolding alongside Namibia’s push to build a multibillion dollar green industry. The dual strategy is partly underpinned by Washington’s renewed embrace of fossil fuels, which includes the unfreezing of development finance for oil and gas projects.