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Brazilian state-owned energy giant Petrobras has decided to acquire an interest in an exploration block, which is part of Namibia’s offshore oil and gas playground.
Petrobras claims that it has made a move to obtain a 42.5% stake in Block 2613 offshore Namibia, through the transaction carried out in partnership with TotalEnergies, which also opted to get a 42.5% interest and will act as the operator of the block, thanks to deals with Eight Offshore Investment (Eight) and Maravilla Oil & Gas.
Following the completion of the transaction, Eight will retain 5% of the block, while Maravilla will end its participation in the asset. As a result, the consortium for Block 2613 will be composed of Petrobras (42.5%), TotalEnergies (42.5%, operator), Eight (5%), and Namcor Exploration and Production, a state-owned company held by the government of Namibia (10%).
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This block is located in the Lüderitz Basin and covers an area of around 11,000 square kilometers offshore Namibia. The acquisition is perceived to be aligned with the Brazilian player’s long-term strategy, focused on portfolio diversification and the replenishment of oil and gas reserves through exploration of new frontiers and the strengthening of strategic partnerships.
The transaction followed all the company’s corporate governance procedures and is said to be in accordance with the 2026-2030 Business Plan. The completion of the transaction is subject to the fulfillment of conditions precedent, including applicable governmental and regulatory approvals, notably from the Namibian Ministry of Industry, Mines, and Energy.
This acquisition step comes shortly after Petrobras revealed oil sales agreements with Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL).