TotalEnergies, a global energy company, has announced a significant expansion of its offshore exploration portfolio in Namibia. The company recently finalized agreements to secure a 42.5% operational interest in the PEL104 Exploration license, strategically positioned within the Lüderitz Basin, off the coast of Namibia. This acquisition, made from Eight Offshore Investments Holdings and Maravilla Oil & Gas, solidifies TotalEnergies' presence in a region believed to hold substantial energy reserves.
Following the completion of this transaction, TotalEnergies will assume the role of operator for the PEL104 block, collaborating with partners Petrobras, holding a 42.5% interest, Namcor with 10%, and Eight maintaining a 5% stake. This latest venture builds upon TotalEnergies' earlier move in December, where it secured a 40% operating interest in the PEL83 license, also located in Namibia's Orange Basin. These consecutive investments highlight the company's dedication to unlocking Namibia's energy potential and integrating these new prospects into its wider exploration and development framework. Furthermore, TotalEnergies plays a vital role in Namibia's fuel distribution sector, managing 43 service stations, and is actively exploring opportunities in low-carbon energy initiatives, aligning with its comprehensive multi-energy strategy. Demonstrating its broader commitment to African energy, TotalEnergies recently confirmed the full resumption of activities for the Mozambique LNG project, which is 40% complete and anticipates its first liquefied natural gas production by 2029.
TotalEnergies' strategic deepening of its investment in Namibia, coupled with its active role in other major African energy projects, reflects a forward-thinking approach to global energy supply. By investing in both traditional and low-carbon energy sources, the company demonstrates its commitment to fostering sustainable development and energy security, contributing to the economic vitality and progress of the regions it operates in.