TotalEnergies has signed agreements to acquire a 42.5% operating interest in the PEL 104 exploration licence offshore Namibia, previously held by Eight Offshore Investments Holdings and Maravilla Oil & Gas. Upon completion of the transaction, TotalEnergies will serve as operator of the licence alongside Petrobras (42.5%), Namcor (10%) and Eight (5%).
The PEL 104 licence, located in the Lüderitz Basin, covers approximately 11,000 square kilometres and represents a further expansion of TotalEnergies’ exploration portfolio in Namibia.
“While progressing towards the development of the Venus and Mopane discoveries, we are pleased to expand our portfolio and continue exploring Namibia’s prolific resources, unlocking further value for the country and stakeholders,” said Nicolas Terraz, President of Exploration and Production at TotalEnergies.
Completion of the transaction remains subject to customary approvals from Namibian authorities and joint venture partners.
The development follows TotalEnergies’ agreement with Galp Energia in December to exchange a 40% participating interest in PEL 83, home to the Mopane discovery, for a 10% stake in PEL 56, where the Venus discovery is located, and a 9.4% interest in PEL 91.
TotalEnergies, which already operates PEL 56 and PEL 91, will assume operatorship of PEL 83 under the agreement, while Galp will retain a 40% interest, maintaining alignment between the partners on advancing the Mopane development.
Both companies have committed to an exploration and appraisal programme of at least three wells over the next two years to further de-risk the block and prepare for a potential development hub. The first well is being considered for 2026.
The companies have also entered into a funding agreement under which TotalEnergies will carry 50% of Galp’s investment in the initial Mopane development. Galp will repay this carry once commercial oil production begins, through 50% of its future cash flows from the project.
