TotalEnergies has signed binding agreements to acquire a 42.5% operated interest in the PEL104 exploration license offshore Namibia from Eight Offshore Investments Holdings and Maravilla Oil & Gas. Upon closing, the license consortium will comprise TotalEnergies (42.5% and operator), Petrobras (42.5%), state-owned Namcor (10%) and Eight (5%). The PEL104 block covers approximately 11,000 square kilometers in the highly prospective Lüderitz basin, a region where previous joint ventures have identified multiple hydrocarbon prospects.

This transaction follows TotalEnergies’ December acquisition of a 40% operated interest in the PEL83 license, home to the Venus and Mopane discoveries, and builds on the company’s exploration momentum in Namibia. With over 60 years of presence in the country—including 55 local employees and a network of 43 service stations—TotalEnergies aims to leverage its on-ground organization and technical capabilities to accelerate drilling campaigns, seismic reprocessing and reservoir studies across both PEL83 and PEL104.

Completion remains subject to customary approvals from Namibian regulatory authorities and the consent of joint venture partners, with final ministerial sign-off anticipated in the second half of 2026. Once closed, the partnership plans an initial two-well drilling program in PEL104 by early 2028, supported by newly acquired 3D seismic data and integrated prospect evaluations. TotalEnergies estimates that successful appraisal could lead to first oil production in the mid-2030s, contingent on project sanction and development drilling results.