Equinor is preparing to participate in the Nabba-1X exploration well offshore Namibia this southern hemisphere spring, hoping for a significant oil discovery akin to the large finds already made in the Orange Basin. The Norwegian energy company recently secured a stake in Petroleum Exploration Licence 90 (PEL 90), marking its return to Namibia after more than three decades.
The Nabba-1X well, operated by Chevron, will be drilled in water depths exceeding 2,000 meters, just north of TotalEnergies’ Venus discovery site. Equinor’s Executive Vice-President for Exploration and Production International, Philippe Mathieu, expressed optimism about the potential scale of the find but emphasized the inherent risks of frontier exploration.
“We’re hoping for something similar” to the Venus discovery, Mathieu said at the Offshore Northern Seas conference in Stavanger. He acknowledged the probability of finding hydrocarbons is relatively low, typical of new frontier areas, but added, “if we find resources, then it could be pretty big.”
Equinor’s acquisition of a 17.4% interest in PEL 90 from Chevron subsidiary Harmattan Energy Limited positions the company to immediately engage in exploration without a lengthy seismic acquisition phase. Once the deal completes, Chevron’s stake will reduce to 35.1%, while QatarEnergy, Trago Energy, and Namibia’s state-owned Namcor will hold 27.5%, 10%, and 10% respectively.
Mathieu highlighted the strategic importance of this move for Equinor’s international exploration portfolio, which aims to grow substantially by 2030. The company targets international equity production of about 950,000 barrels of oil equivalent per day by then, up from approximately 750,000 boe/d in mid-2023, and anticipates generating around US$20 billion in free cash flow from 2026 to 2030.
“Namibia’s Orange Basin complements our broader Atlantic Margin portfolio, and the Nabba well is a key test of this strategy,” Mathieu said. He also noted Equinor’s commitment to sharing its global experience to support Namibia and Namcor in developing the local industry.
The significance of Nabba-1X lies not only in the prospect of a major discovery but also in confirming the extent of the petroleum systems that have attracted international interest in Namibia. A successful find would give Equinor an immediate foothold alongside established partners and contribute to the growing list of significant discoveries in the Orange Basin.
While hopeful, Equinor remains mindful of the risks involved in frontier exploration and awaits the well results later this year to determine the true potential of the Nabba prospect.
