The transaction restructures the ownership of PEL104, with TotalEnergies and Petrobras each holding a 42.5% stake. State-owned Namcor retains 10%, while Eight Offshore Investments Holdings keeps a 5% interest. This move follows the acquisition of a 40% interest in the PEL83 license last December, signaling an aggressive push to capitalize on Namibia's offshore resources.

Unlocking the Lüderitz Basin

The expansion comes as the company advances development plans for the Venus and Mopane discoveries, which have transformed Namibia into one of Africa's most watched exploration frontiers. Nicolas Terraz, President of Exploration & Production at TotalEnergies, stated that the acquisition allows the firm to expand its portfolio and continue exploring prolific resources to benefit the country and its stakeholders.

Finalizing the agreement remains subject to customary third-party approvals from Namibian authorities and joint venture partners. TotalEnergies has maintained a presence in the country since 1964, where it currently operates as the fourth-largest fuel distributor with 43 service stations. Beyond fossil fuels, the company is evaluating local opportunities for low-carbon projects as part of its broader multi-energy transition strategy.