TotalEnergies SE is intensifying its exploration efforts offshore Namibia by entering into an agreement to acquire a significant stake in the PEL104 exploration license. Announced on Friday, this acquisition grants the company a 42.5% operated interest in the block, which it is procuring from Eight Offshore Investments Holdings and Maravilla Oil & Gas. Situated in the expansive Lüderitz Basin, the PEL104 block spans approximately 11,000 square kilometers offshore Namibia, positioning it as a key asset in the region's exploration landscape.
Upon completion of this transaction, TotalEnergies will hold the role of operator for the license with a 42.5% interest. The partners in this venture include Brazil's Petrobras, which holds an equal 42.5% stake. The state-owned Namibian oil company Namcor holds a 10% interest, while Eight Offshore Investments retains the remaining 5%.
Nicolas Terraz, President of Exploration & Production at TotalEnergies, highlighted the strategic importance of this acquisition, stating that it adds to the company’s existing commitments in Namibia. Notably, TotalEnergies had earlier secured a 40% operated interest in the adjacent PEL83 license in December. These sequential acquisitions serve to consolidate TotalEnergies’ operational and exploration footprint in the Namibian offshore sector.
Beyond the block acquisitions, TotalEnergies continues to actively shape Namibia’s evolving energy sector. Last month, the company undertook operatorship of Petroleum Exploration License 83 in the Orange Basin, further underscoring its commitment to exploring and developing the hydrocarbon potential in the region.
The company’s involvement in Namibia extends beyond exploration. TotalEnergies operates as the fourth-largest fuel distributor nationwide, managing 43 service stations throughout the country. This retail presence provides an established platform to support downstream activities and customer engagement.
Demonstrating its multi-faceted energy strategy, TotalEnergies is also pursuing opportunities to develop low-carbon energy projects within Namibia, signaling a broader diversification alongside its oil and gas undertakings.
In a related development within the African continent, TotalEnergies recently announced the full resumption of activities for the Mozambique LNG project. Reportedly 40% complete, the project targets a first delivery of liquefied natural gas by 2029. During the force majeure period, critical engineering and procurement milestones, including main equipment acquisition, were accomplished, positioning the project for timely advancement.
Turning to market performance, TotalEnergies’ shares demonstrated positive momentum on the announcement day, rising 0.79% to $73.47. This position approaches the company’s 52-week high of $75.45, as recorded in Benzinga Pro market data.
Key Points:
Ticker Information:
Ticker: TTE
Related Partner Ticker: PBR
Tags: Energy, Exploration, Namibia, Oil, LNG
Upon completion of this transaction, TotalEnergies will hold the role of operator for the license with a 42.5% interest. The partners in this venture include Brazil's Petrobras, which holds an equal 42.5% stake. The state-owned Namibian oil company Namcor holds a 10% interest, while Eight Offshore Investments retains the remaining 5%.
Nicolas Terraz, President of Exploration & Production at TotalEnergies, highlighted the strategic importance of this acquisition, stating that it adds to the company’s existing commitments in Namibia. Notably, TotalEnergies had earlier secured a 40% operated interest in the adjacent PEL83 license in December. These sequential acquisitions serve to consolidate TotalEnergies’ operational and exploration footprint in the Namibian offshore sector.
Beyond the block acquisitions, TotalEnergies continues to actively shape Namibia’s evolving energy sector. Last month, the company undertook operatorship of Petroleum Exploration License 83 in the Orange Basin, further underscoring its commitment to exploring and developing the hydrocarbon potential in the region.
The company’s involvement in Namibia extends beyond exploration. TotalEnergies operates as the fourth-largest fuel distributor nationwide, managing 43 service stations throughout the country. This retail presence provides an established platform to support downstream activities and customer engagement.
Demonstrating its multi-faceted energy strategy, TotalEnergies is also pursuing opportunities to develop low-carbon energy projects within Namibia, signaling a broader diversification alongside its oil and gas undertakings.
In a related development within the African continent, TotalEnergies recently announced the full resumption of activities for the Mozambique LNG project. Reportedly 40% complete, the project targets a first delivery of liquefied natural gas by 2029. During the force majeure period, critical engineering and procurement milestones, including main equipment acquisition, were accomplished, positioning the project for timely advancement.
Turning to market performance, TotalEnergies’ shares demonstrated positive momentum on the announcement day, rising 0.79% to $73.47. This position approaches the company’s 52-week high of $75.45, as recorded in Benzinga Pro market data.
Key Points:
- TotalEnergies acquires a 42.5% operated interest in Namibia’s PEL104 offshore exploration license, consolidating its role as operator.
- The PEL104 license covers about 11,000 square kilometers in the Lüderitz Basin, a notable offshore oil region.
- Partnership includes Petrobras with an equal 42.5% stake, Namcor at 10%, and Eight Offshore Investments retaining 5%.
- TotalEnergies also holds a 40% operated interest in the neighboring PEL83 license, acquired in December.
- The company operates 43 fuel service stations in Namibia and explores low-carbon project opportunities, reflecting a broad energy approach.
- TotalEnergies is actively advancing the Mozambique LNG project, targeting 2029 for first LNG production.
- The acquisition remains subject to customary closing conditions and regulatory approvals, which may delay or prevent completion.
- Exploration activities inherently carry geological and operational uncertainties that may impact resource discovery and development timelines.
- Market conditions and commodity price fluctuations could influence the economic viability of projects and investments.
- Regulatory changes within Namibia or partner countries could affect operational permits, timelines, or costs.
Ticker Information:
Ticker: TTE
Related Partner Ticker: PBR
Tags: Energy, Exploration, Namibia, Oil, LNG