Equinor hopes to make a "pretty big" oil discovery in Namibia's PEL 90 exploration licence, the Norwegian company said on Tuesday. Equinor last week announced it had bought a 17.4% stake in the Chevron-operated prospect and that exploration drilling will take place later this year.

Equinor is betting that its newly acquired stake in Namibia’s PEL 90 could yield a major oil discovery in the prolific Orange Basin.

Equinor hopes to make a "pretty big" oil discovery in Namibia's PEL 90 exploration licence, the Norwegian company said on Tuesday. Equinor last week announced it had bought a…