TotalEnergies has signed agreements to acquire a 42.5% operated interest in the PEL104 exploration license, located offshore Namibia, from Eight Offshore Investments Holdings and Maravilla Oil & Gas. Following completion of the transaction, TotalEnergies will become the operator of the license with a 42.5% participating interest, alongside Petrobras (42.5%), Namcor (10%), and Eight (5%).
The PEL104 license is situated in the Lüderitz Basin and covers an offshore area of approximately 11,000 square kilometres. Commenting on the transaction, Nicolas Terraz, President of Exploration & Production at TotalEnergies, said the acquisition strengthens the company’s position in Namibia following its earlier entry into the PEL83 license. He noted that while development work continues on the Venus and Mopane discoveries, the addition of PEL104 expands the exploration portfolio and supports further resource evaluation in the region.
Completion of the transaction is subject to customary regulatory approvals from the Namibian authorities and joint venture partners. TotalEnergies has operated in Namibia since 1964 and currently employs around 55 people in the country. The company is also the fourth-largest fuel distributor in Namibia, operating 43 service stations. In line with its multi-energy strategy, TotalEnergies continues to assess opportunities to develop low-carbon and renewable energy projects locally.
TotalEnergies is a global integrated energy company active across oil and biofuels, natural gas and biogas, low-carbon hydrogen, renewables, and electricity. With operations in approximately 120 countries and a workforce of more than 100,000 employees, the company places sustainability at the centre of its strategy and operations.
