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France’s energy giant TotalEnergies has taken steps to expand its footprint off the coast of Namibia with the acquisition of a new license.
TotalEnergies has signed agreements with Eight Offshore Investments Holdings (Eight) and Maravilla Oil & Gas to acquire a 42.5% operated interest in PEL 104 exploration license offshore Namibia.
Located in the Lüderitz basin, PEL 104 license covers an area of around 11,000 square kilometers offshore Namibia. The completion of the transaction is subject to customary third party approvals from the Namibian authorities and joint ventures partners.
Nicolas Terraz , President Exploration & Production at TotalEnergies, commented: “After the acquisition in December of a 40% operated interest in PEL83 license, TotalEnergies further strengthens its position in Namibia by entering this new exploration license as operator.
“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, in order to unlock further value that will benefit the country and all stakeholders.”
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Once this acquisition is complete, the French giant will be the operator of the license holding a 42.5% interest alongside Petrobras (42.5%), Namcor (10%), and Eight (5%).
TotalEnergies is developing multiple projects across the globe, as illustrated by the resumption of the construction of a liquefied natural gas (LNG) development off the coast of Mozambique.