French energy giant TotalEnergies and Brazil’s Petrobras have finalized agreements to jointly acquire controlling interests in Namibia’s PEL104 exploration block, marking one of the most significant offshore investments in southern Africa’s emerging oil and gas frontier. The deal, valued at approximately $3.5 billion, will see TotalEnergies assume operatorship with a 42.5% stake, while Petrobras matches that percentage, with the remaining shares held by state-owned Namcor at 10% and Eight Offshore Investments at 5%.
The transaction positions both international operators at the heart of Namibia’s Lüderitz basin, a deepwater province covering roughly 11,000 square kilometers that has attracted unprecedented global attention following recent discoveries in the adjacent Orange basin. TotalEnergies plans to deploy its deepwater exploration expertise to unlock additional prospectivity in the region, building on its success with the Venus discovery and ongoing appraisal work at the Mopane field.
For Petrobras, the acquisition represents a strategic pivot toward portfolio diversification and reserve replenishment through exploration in new frontier basins. The Brazilian state-owned company views the partnership as aligned with its 2026-2030 business plan and a strengthening of strategic alliances beyond Latin American waters. Eight Offshore Investment will retain a 5% minority stake following the transaction, while Maravilla Oil & Gas will exit the block entirely.
The deal follows all corporate governance procedures and remains subject to customary approvals from Namibian authorities, including the Ministry of Industry, Mines, and Energy, as well as final consent from joint venture partners. Industry observers expect regulatory clearance by mid-2026, paving the way for exploration drilling to commence later in the year.
The transaction comes at a time when Namibia has emerged as one of Africa’s hottest exploration plays, attracting billions in committed capital from major operators seeking to capitalize on world-class deepwater discoveries. TotalEnergies’ expanded footprint now includes multiple operated licenses across both the Orange and Lüderitz basins, positioning the company as the dominant player in Namibia’s offshore energy landscape.
Sources: worldoil.com, offshore-energy.biz