TotalEnergies to acquire 42.5% interest in Namibian exploration licence
Oil and gas company TotalEnergies has signed agreements to acquire a 42.5% operated interest in the PEL104 exploration licence, offshore Namibia, from investment management company Eight Offshore Investments and oil and gas company Maravilla Oil & Gas.
After the transaction, TotalEnergies will be the operator of the licence and hold a 42.5% interest alongside Petrobras with 42.5%, State-owned National Petroleum Corporation of Namibia with 10% and Eight Offshore Investments with 5%.
The PEL104 licence is located in the Lüderitz basin and covers an area of around 11 000 km2 offshore Namibia.
“After the acquisition in December of a 40% operated interest in PEL83 licence, this further strengthens TotalEnergies' position in Namibia by entering this new exploration licence as an operator,” says TotalEnergies Exploration and Production president Nicolas Terraz.
“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 to unlock further value that will benefit the country and all stakeholders,” he says.
Completion of the transaction is subject to customary third-party approvals from the Namibian authorities and joint venture partners.
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