TotalEnergies to Operate PEL104 Offshore Namibia with 42.5% Stake
TotalEnergies agreed to acquire a 42.5% operated interest in PEL104 offshore license in the Lüderitz Basin, covering 11,000 km2, from Eight Offshore Investments and Maravilla Oil & Gas. The deal places Petrobras with a 42.5% stake, Namcor at 10% and Eight retaining 5%.
1. Deal Structure and Stake Allocation
TotalEnergies has signed agreements to acquire a 42.5% operated interest in the PEL104 exploration license offshore Namibia’s Lüderitz Basin. The 11,000 km2 block will be co-operated with Petrobras holding an equal 42.5% stake, Namcor with 10%, and Eight Offshore Investments retaining 5%.
2. Strategic Expansion in Namibia
This acquisition follows TotalEnergies’ December purchase of a 40% operated interest in the PEL83 license, reinforcing its role as a leading exploration operator in Namibia. The move aligns with the company's broader goal to develop both hydrocarbon and low-carbon projects in the region under its multi-energy strategy.
3. Future Exploration Plans
Upon closing, TotalEnergies will manage seismic surveys and drilling operations to assess reserve potential in PEL104, aiming to leverage recent technical insights from neighboring blocks. Initial exploration activities are expected to commence later this year pending regulatory approvals.