CVX · News · 20260818N
Namibia Exploration Farmout
CHEVRON CORP · 2026-08-18 · Importance 31 · Surprise 42 · In source text
Chevron agreed to farm out a 17.4% interest in Petroleum Exploration License 90 in Namibia’s offshore Orange Basin to Equinor. After the transaction, Chevron’s interest in PEL 90 will decline to 35.1%; financial terms were not disclosed. Chevron plans to drill the Nabba-1X exploration well by year-end. The transaction remains subject to regulatory approvals and expands Chevron’s partnership structure in a frontier exploration area.
Key facts
- A well is scheduled to be drilled in PEL 90 by year-end as part of the transaction. source
- Chevron agreed to farm out a 17.4% stake in its PEL 90 in Namibia to Equinor. source
- The Namibia farmout transaction with Equinor is subject to regulatory approvals. source
- Chevron's interest in PEL 90 will decrease to 35.1% after the deal with Equinor. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | probable | — | A well is scheduled to be drilled in PEL 90 by year-end as part of the transaction. |
| assets | positive | probable | — | A well is scheduled to be drilled in PEL 90 by year-end as part of the transaction. |
| revenue | negative | probable | — | Chevron agreed to farm out a 17.4% stake in its PEL 90 in Namibia to Equinor. |
| assets | negative | probable | — | Chevron agreed to farm out a 17.4% stake in its PEL 90 in Namibia to Equinor. |