Namibia Blocks 42.5% Luderitz Basin Deal as Petrobras Eyes $109B Capex by 2030
Namibia’s government has refused to recognize the 42.5% stakes acquired by Petrobras and TotalEnergies in the offshore Luderitz Basin PEL104 license until formal applications and ministerial consent are secured. Meanwhile, Petrobras trades at $14.87–$15.03 with an 8–12% dividend yield, faces $109 billion capex through 2030 and political risks.
1. Namibia Blocks Acquisition
Namibia’s Ministry of Industries, Mines and Energy stated that the acquisition of 42.5% stakes by Petrobras and TotalEnergies in the offshore Luderitz Basin PEL104 license is invalid without formal application and ministerial consent, and will not recognize the transaction until statutory approval processes are completed.
2. Luderitz Basin Deal Details
On Friday, Petrobras and TotalEnergies each agreed to purchase 42.5% of the PEL104 license from Maravilla Oil & Gas and Eight Offshore Investments Holdings, with TotalEnergies designated as operator and remaining interests held by Namcor Exploration and Production (10%) and Eight Offshore (5%).
3. Valuation Outlook and Capex Plan
Petrobras shares trade between $14.87 and $15.03, offering an 8–12% dividend yield, and are discounted due to political and governance risks; the company plans $109 billion of capital expenditures through 2030 to expand exploration and replenish reserves, supported by strong cash flows at $60–$70 oil.