TotalEnergies has signed agreements to acquire a 42.5% operated stake in Petroleum Exploration Licence 104 (PEL 104) in the Luderitz basin offshore Namibia. The licence was previously controlled by Namibian companies Eight Offshore Investments Holdings and Maravilla Oil & Gas.

Licence Location and Partners

The PEL 104 acreage, covering approximately 11,000 square kilometres, is located directly north of the PEL 87 licence. Upon approval by Namibian authorities, the new partnership will consist of TotalEnergies (42.5% operator), Brazil's Petrobras (42.5%), state-owned Namcor (10% carried interest), and Eight Offshore (retaining a 5% interest).

Strategic Expansion in Namibia

This transaction follows TotalEnergies' recent major deal to farm into the Galp Energia-operated PEL 83, which contains the Mopane complex. The company also operates the Venus development in PEL 56. According to Nicolas Terraz, President of Exploration & Production, this move further strengthens TotalEnergies' position in Namibia, allowing it to expand its exploration portfolio while progressing the development of the Venus and Mopane discoveries.

Approvals and Next Steps

The completion of the transaction is subject to customary approvals from Namibian authorities and joint venture partners.