TotalEnergies SE (NYSE:TTE) on Friday announced that the company has signed agreements to acquire a 42.5% operated interest in PEL104 Exploration license, located offshore Namibia, from Eight Offshore Investments Holdings and Maravilla Oil & Gas.
The PEL104 block is located in the Lüderitz Basin and spans roughly 11,000 square kilometers offshore Namibia.
Once the deal closes, TotalEnergies will operate the license with a 42.5% interest, alongside Petrobras (NYSE:PBR) with 42.5%, Namcor with 10%, and Eight retaining 5%.
“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,” stated Nicolas Terraz, President Exploration & Production at TotalEnergies.
How TotalEnergies Is Transforming Namibia’s Energy Landscape
TotalEnergies’ expansion in Namibia is part of its broader strategy to explore and develop the country’s prolific resources.
Last month, the company, along with Paula Amorim, Chairman of Galp, disclosed that it will take over operatorship of Petroleum Exploration License 83 in Namibia’s Orange Basin.
In addition to its exploration activities, TotalEnergies is the fourth-largest fuel distributor in Namibia, operating 43 service stations. The company is also exploring opportunities to develop low-carbon projects in the country, reflecting its multi-energy strategy.
Africa’s Biggest LNG Bet
On Thursday, TotalEnergies disclosed the full restart of Mozambique LNG project activities.
The project is 40% complete, and the first LNG is expected in 2029, with nearly all engineering and main equipment procurement completed during the Force Majeure period.
TTE Price Action: TotalEnergies shares were up 0.79% at $73.47 at the time of publication on Friday. The stock is approaching its 52-week high of $75.45, according to Benzinga Pro data.
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