Petrobras Joins TotalEnergies on 42.5% Stake in Namibian PEL104 Block
Petrobras agreed to take a 42.5% non-operated interest alongside TotalEnergies in the 11,000 km² PEL104 offshore Namibia exploration license. The deal positions Petrobras to partner on Lüderitz Basin exploration with Namcor and Eight Offshore ahead of potential future discoveries.
1. Transaction Structure
Petrobras acquired a 42.5% non-operated interest in the PEL104 license offshore Namibia, matching TotalEnergies’s operated 42.5% stake. Remaining partners include Namcor with 10% and Eight Offshore retaining 5%.
2. Exploration Area Details
The PEL104 block spans approximately 11,000 square kilometers in the Lüderitz Basin. The license is at an early exploration stage with seismic surveys planned ahead of any drilling commitment.
3. Strategic Implications for Petrobras
By partnering with TotalEnergies, Petrobras expands its exploration footprint in Namibia alongside its existing PEL83 interests. The move aligns with Petrobras’s strategy to diversify upstream assets and gain exposure to frontier offshore plays.