TotalEnergies Expands Namibia Footprint With New Operated Offshore License
TotalEnergies has signed agreements to acquire a 42.5% operated interest in the PEL104 exploration license offshore Namibia from Eight Offshore Investments Holdings and Maravilla Oil & Gas. Once the transaction closes, the French major will take over operatorship of the block, partnering with Petrobras, which will also hold 42.5%, Namibia’s national oil company Namcor with 10%, and Eight retaining a 5% stake.
PEL104 is located in the Lüderitz Basin offshore southern Namibia and covers approximately 11,000 square kilometers. The deal is subject to customary regulatory approvals from Namibian authorities and joint venture partners.
The move builds on TotalEnergies’ aggressive expansion in Namibia following its acquisition in December of a 40% operated interest in the adjacent PEL83 license. Namibia has emerged as one of the most promising new offshore exploration hotspots globally, following a string of major discoveries in recent years, including TotalEnergies’ own Venus find and the Mopane discoveries operated by partners.
By adding PEL104 to its portfolio, TotalEnergies is strengthening its operational control and geological exposure across multiple basins, allowing it to leverage shared infrastructure, subsurface expertise, and exploration synergies. The Lüderitz Basin, while less appraised than the Orange Basin to the north, is considered highly prospective and could offer material upside if exploration success mirrors nearby discoveries.
The partnership with Petrobras also underscores growing international interest in Namibia’s offshore potential, as major oil companies seek to replenish reserves amid declining output from mature basins elsewhere. For Namibia, continued upstream investment supports long-term ambitions to become a meaningful oil-producing nation, with potential spillover benefits for fiscal revenues, employment, and local content development.
TotalEnergies has operated in Namibia for decades and maintains a downstream footprint as one of the country’s largest fuel distributors. The company has also indicated interest in developing low-carbon and multi-energy projects locally, aligning with its broader global strategy while continuing to prioritize high-impact upstream opportunities.
The PEL104 transaction further cements TotalEnergies’ role as a leading operator in Namibia’s offshore exploration drive at a time when the country is attracting sustained global attention from energy investors.
By Charles Kennedy for Oilprice.com
No comments:
Post a Comment