TotalEnergies acquired a 42.5% operated stake in Namibia’s PEL104 exploration license, expanding its offshore position as it aims to become the country’s first oil producer before the decade ends.
The company bought the license for an undisclosed amount from Maravilla Oil and Gas and Eight Offshore Investments Holdings. The block sits north of the planned 150,000-barrel-per-day Venus project and the Mopane discovery, where TotalEnergies secured a 40% operating stake from Galp last year.
Estimates place Mopane’s resources at more than 10 billion barrels of oil.
Nicolas Terraz said the company is pleased to grow its portfolio and continue exploration in Namibia, adding that the work should unlock value for the country and its partners.
CEO Patrick Pouyanne met Namibia’s president and Galp’s chairman last week to review progress and discuss development plans for the country’s oil and gas assets.
TotalEnergies plans to reach a final investment decision on Venus this year, although challenging geology has increased costs. The company will also drill three exploration wells at Mopane this year to assess the size of the resources.
source: clubofmozambique.com
African Energy Council