TotalEnergies Acquires 42.5% Stake in Namibia's PEL104 License
Key highlights
- TotalEnergies acquires 42.5% interest in PEL104 from Eight and Maravilla.
- PEL104 is located in the Lüderitz basin, covering 11,000 km2 offshore Namibia.
- Transaction completion requires approvals from Namibian authorities and partners.
Transaction Details
TotalEnergies has signed agreements to acquire a 42.5% operated interest in the PEL104 Exploration license from Eight Offshore Investments Holdings and Maravilla Oil & Gas. Upon completion, TotalEnergies will operate the license with a 42.5% stake, alongside Petrobras (42.5%), Namcor (10%), and Eight (5%).
Location and Scope
The PEL104 license is situated in the Lüderitz basin, covering an area of approximately 11,000 km2 offshore Namibia. This acquisition follows TotalEnergies' previous acquisition of a 40% interest in the PEL83 license.
Regulatory Approvals
The completion of this transaction is subject to customary third-party approvals from Namibian authorities and joint venture partners.
Source: TotalEnergies