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.
Following completion of the transaction, TotalEnergies will become operator of the licence with a 42.5% stake. Petrobras will also hold 42.5%, while Namcor will hold 10% and Eight Offshore Investments Holdings the remaining 5%.
The PEL104 licence is located in the Lüderitz Basin offshore Namibia and covers an area of around 11,000 square kilometres.
“After the acquisition in December of a 40% operated interest in PEL83 license, 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”, stated Nicolas Terraz, President Exploration & Production at TotalEnergies.
Completion of the transaction is subject to customary third-party approvals from Namibian authorities and joint venture partners.