TotalEnergies to buy 42.5% stake in Namibia’s PEL104 licence

Core Viewpoint - TotalEnergies has agreed to acquire a 42.5% operated interest in Namibia's PEL104 offshore exploration licence, enhancing its position in the region as an operator [1][2]. Group 1: Acquisition Details - The acquisition involves TotalEnergies purchasing a 42.5% interest from Eight Offshore Investments Holdings and Maravilla Oil & Gas, making it the operator of the PEL104 licence, which covers approximately 11,000 km² in the Lüderitz basin [1][2]. - Following the transaction, the ownership structure will be TotalEnergies (42.5%), Namcor (10%), and Eight (5%) [2]. Group 2: Strategic Importance - TotalEnergies aims to strengthen its position in Namibia, having previously acquired a 40% operated interest in the PEL83 licence in December [2]. - The company is focused on developing the Venus and Mopane discoveries while expanding its portfolio in Namibia to unlock further value for the country and stakeholders [3]. Group 3: Company Background - TotalEnergies has been operating in Namibia since 1964 and currently employs 55 people, being the fourth-largest fuel distributor in the country with 43 service stations [3]. - The company is also pursuing local opportunities for low-carbon energy projects as part of its multi-energy strategy, operating in approximately 120 countries globally [4].