TotalEnergies has further strengthened its strategic position in Namibia’s fast-emerging offshore energy sector after signing agreements to acquire a 42.5 percent operated interest in the PEL104 Exploration License.
The stake is being acquired from Eight Offshore Investments Holdings and Maravilla Oil & Gas, marking another significant step in the French energy major’s expansion along Namibia’s Atlantic coast.
Commenting on the transaction, Nicolas Terraz, President of Exploration and Production at TotalEnergies, said the company was pleased to consolidate its position in Namibia while continuing work on its major discoveries.
“After the acquisition in December of a 40% operated interest in PEL83 license, TotalEnergies further strengthens its position in Namibia by entering this new exploration license as operator.”
Nicolas Terraz, President of Exploration and Production at TotalEnergies
The agreement underscores the company’s growing confidence in Namibia’s hydrocarbon potential and its determination to play a leading role in unlocking the country’s offshore resources.
He added that the expansion aligns with the company’s broader exploration strategy.
“While progressing towards the development of Venus and Mopane discoveries, we are very pleased to expand our portfolio and continue exploring the prolific resources of Namibia, in order to unlock further value that will benefit the country and all stakeholders.”
Nicolas Terraz, President of Exploration and Production at TotalEnergies
The Venus and Mopane discoveries, made in recent years, have placed Namibia firmly on the global energy map and attracted sustained interest from major international oil companies.
Ownership Structure and Operational Role
Upon completion of the transaction, TotalEnergies will assume operatorship of the PEL104 license with a 42.5 percent interest.
The remaining stakes will be held by Petrobras, which also has a 42.5 percent share, Namibia’s state-owned National Petroleum Corporation (Namcor) with 10 percent, and Eight Offshore Investments retaining 5 percent.
The license is located in the Lüderitz Basin, offshore southern Namibia, and covers an area of approximately 11,000 square kilometres.
Industry analysts consider the basin to be underexplored compared to the Orange Basin further south, making it an attractive frontier for new discoveries.
Completion of the deal remains subject to customary third-party approvals from Namibian authorities and joint venture partners.
Namibia Emerges as a Global Exploration Hotspot
Namibia has rapidly emerged as one of the most exciting new oil and gas frontiers globally. Over the past few years, several major discoveries offshore have drawn the attention of leading international energy companies.
Shell, TotalEnergies, BP and Galp are among the majors that have recorded significant finds, particularly in the Orange Basin, where most discoveries to date have been concentrated.
These successes have fuelled optimism that Namibia could replicate the transformation seen in Guyana following major offshore oil discoveries there.
Industry experts note that TotalEnergies’ continued investment reflects confidence in the geological potential of Namibia’s offshore basins, even as companies balance exploration ambitions with global energy transition pressures.
Despite the excitement surrounding offshore discoveries, Namibia faces significant challenges in translating exploration success into production and revenue.
The country currently lacks the infrastructure needed to fast-track development, making projects more capital-intensive and technically complex.
Unlike established producers, Namibia does not yet have large-scale export terminals, processing facilities or pipelines to support rapid commercialization. As a result, energy companies are required to invest heavily in floating production, storage and offloading units or other costly solutions.
These constraints have raised questions about timelines for first oil and gas and the overall economics of offshore projects.
Strategic Importance for TotalEnergies
For TotalEnergies, the PEL104 acquisition strengthens its exploration portfolio in a region that has already delivered world-class discoveries.
By expanding its footprint beyond existing licenses, the company is positioning itself to benefit from any future breakthroughs in the Lüderitz Basin.
As exploration activity continues offshore Namibia, the outcome of these efforts will be closely watched by investors, policymakers and industry observers alike.
With major players deepening their commitments, Namibia’s ambition of becoming a significant offshore energy producer is gaining momentum, even as questions around infrastructure, financing and timelines remain central to the discussion.
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