WINDHOEK, Feb 6 – TotalEnergies has acquired a 42.5 percent operated interest in Namibia’s PEL104 offshore exploration licence, extending its footprint in a country that has emerged as one of Africa’s most active oil frontiers.
The licence was acquired for an undisclosed amount from Maravilla Oil and Gas and Eight Offshore Investments Holdings, according to people familiar with the transaction. PEL104 is located north of TotalEnergies’ Venus development and the Mopane discovery, strengthening the company’s position across a contiguous offshore acreage in the Orange Basin.
TotalEnergies already operates the Venus project, which is designed to produce about 150,000 barrels of oil per day, and last year took a 40 percent operating stake in the Mopane discovery from Portugal’s Galp. Mopane is estimated to hold more than 10 billion barrels of oil, placing it among the largest offshore discoveries made globally in recent years.
The company said the latest acquisition supports its strategy of building scale around existing discoveries to improve development efficiency and long term value. Nicolas Terraz, president of exploration and production at TotalEnergies, said the company aims to continue exploring Namibia’s offshore resources in a way that delivers benefits to the country and its partners.
Just like week, TotalEnergies Chief Executive Officer Patrick Pouyanne met with Namibia’s president alongside Galp’s chairman to discuss progress and next steps in developing the country’s offshore oil and gas resources.
TotalEnergies expects to reach a final investment decision on the Venus project this year, although complex geological conditions have contributed to higher development costs. At Mopane, the company plans to drill three additional exploration wells in 2026 to further assess the size and quality of the resource.
Namibia has attracted growing interest from international oil companies following a series of large offshore discoveries, raising expectations that first oil production could begin before the end of the decade.
