TotalEnergies has signed agreements to acquire a 42.5% operating interest in the PEL 104 exploration license, located offshore Namibia, from Eight Offshore Investments Holdings and Maravilla Oil & Gas.
Upon completion of the transaction, TotalEnergies will become the operator of the license, holding a 42.5% interest alongside Petrobras (42.5%), Namcor (10%), and Eight (5%).
Located in the Lüderitz Basin, the PEL 104 license covers approximately 11,000 km² offshore Namibia.
“Following the acquisition of a 40% operating interest in the PEL 83 license in December, TotalEnergies further strengthens its position in Namibia by entering this new exploration license as operator.”
“While progressing towards the development of Venus and Mopane discoveries, we are very pleased to expand our portfolio and continue exploring the prolific resources of Namibia in order to unlock further value that will benefit the country and all stakeholders,” said Nicolas Terraz, President of Exploration & Production at TotalEnergies.
Completion of the transaction is subject to customary third-party approvals from the Namibian authorities and joint venture partners.
TotalEnergies has been present in Namibia since 1964 and is also the 4th largest fuel distributor in the country, with 43 service stations.
In line with its multi-energy strategy, the company is looking for local opportunities to develop low-carbon projects in the country.
