TotalEnergies expands its Namibian offshore footprint by acquiring and operating PEL104, reinforcing its exploration strategy and regional growth ambitions.
TotalEnergies has taken another significant step in strengthening its presence in Namibia’s offshore energy sector by signing definitive agreements to acquire a major operated stake in the PEL104 Exploration License. Through this transaction, the company will obtain a 42.5% operated interest in the license from Eight Offshore Investments Holdings (“Eight”) and Maravilla Oil & Gas, further expanding its exploration footprint in one of Africa’s most promising hydrocarbon regions.
Once the transaction is finalized, TotalEnergies will assume the role of operator of the PEL104 license, holding a 42.5% working interest. The remaining ownership structure will consist of Petrobras with an equal 42.5% stake, Namibia’s national oil company Namcor with 10%, and Eight retaining a 5% interest. This balanced partnership brings together international energy majors and national stakeholders, reflecting a collaborative approach to offshore exploration and development in Namibia.
The PEL104 Exploration License is located offshore Namibia in the Lüderitz Basin, a geologically attractive area that has gained increased industry attention following recent offshore discoveries in the country. Covering approximately 11,000 square kilometers, the license represents a sizable offshore acreage with significant exploration potential. Its location complements TotalEnergies’ existing positions in Namibia, allowing the company to leverage technical expertise, geological knowledge, and operational synergies across multiple licenses in the region.
This acquisition follows TotalEnergies’ earlier move in December, when it secured a 40% operated interest in the PEL83 license. Together, these strategic investments underscore the company’s long-term commitment to Namibia as a key growth area within its global exploration portfolio. By steadily building a strong operated position, TotalEnergies aims to deepen its understanding of Namibia’s offshore basins while increasing the likelihood of identifying new commercial discoveries.
Commenting on the transaction, Nicolas Terraz, President of Exploration & Production at TotalEnergies, highlighted the strategic importance of the move. He noted that after becoming operator of PEL83, the company is further reinforcing its position in Namibia by taking on operatorship of an additional exploration license. He emphasized that while TotalEnergies continues to advance the development of the Venus and Mopane discoveries, expanding the exploration portfolio remains a priority. According to Terraz, Namibia’s offshore resources are highly prospective, and continued exploration could unlock additional value that benefits not only the company but also the country and its broader stakeholder community.
The transaction remains subject to customary conditions, including regulatory approvals from Namibian authorities and consent from joint venture partners. Once these approvals are obtained and the deal is completed, TotalEnergies will officially take over operatorship of the PEL104 license.
Overall, this development reflects TotalEnergies’ broader strategy of disciplined portfolio expansion in high-potential frontier basins. By combining exploration growth with progress toward development of existing discoveries, the company is positioning itself as a long-term partner in Namibia’s emerging offshore energy industry, supporting economic development while pursuing sustainable value creation.
