TotalEnergies Announces Positive Well Results Offshore Namibia

The place where Namib desert meets the Atlantic ocean - Credit: Smelov/AdobeStock
The place where Namib desert meets the Atlantic ocean - Credit: Smelov/AdobeStock

French company TotalEnergies announced on Wednesday some positive results at an exploration well in Namibia and added it would increase its returns to shareholders, as part of an investor day. 

Analysts had said they were particularly keen to hear more about the French energy group's recent exploration activity offshore Namibia - which has no oil and gas output now but could become one of the top 15 oil producers by 2035. 

Calling it "a potential new golden bloc," TotalEnergies announced a positive flow test from an exploration well, to be confirmed by another upcoming flow test. 

Further appraisal wells and prospects will be drilled, it said. TotalEnergies also announced share buybacks of $9 billion in 2023, and said it hoped for cash flow of more than $10 billion in 2028.

(Reuters - Reporting by Benjamin Mallet and Forrest Crellin;Writing by Sudip Kar-Gupta;Editing by Ingrid Melander)

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