TotalEnergies Expands Namibia Exploration Position

TotalEnergies has signed agreements to acquire a 42.5% operated interest in the offshore PEL104 exploration license in Namibia. This transaction expands the company's upstream footprint in the country's emerging deepwater province.

License Details and Partnership Structure

Upon completion, TotalEnergies will operate the block with a 42.5% stake. The other partners are Petrobras (42.5%), Namcor (10%), and Eight Offshore Investments (5%). The PEL104 license covers approximately 11,000 square kilometers in the Lüderitz basin offshore southern Namibia.

Strategic Context and Regional Activities

This acquisition builds on TotalEnergies' growing presence in Namibia, following its recent acquisition of an operated interest in PEL83. The company is actively engaged in appraisal and development planning for major discoveries in the Orange basin. This includes advancing work toward the potential development of the Venus discovery and continuing exploration and appraisal in adjacent licenses such as Mopane.

Rationale and Pending Approvals

TotalEnergies stated that the new operatorship will enable it to apply its deepwater exploration expertise to evaluate additional prospectivity in the Lüderitz basin. This move occurs as Namibia continues to attract global investment following a series of significant offshore discoveries in recent years. The completion of the PEL104 transaction remains subject to customary approvals from Namibian authorities and joint venture partners.