WINDHOEK, Feb. 9– The Namibian government said Sunday that it was not notified in advance of a joint announcement by TotalEnergies and Petrobras regarding equity interests in an offshore petroleum exploration license, stressing that such transactions require prior ministerial approval under the country’s petroleum legislation.
French energy company TotalEnergies and Brazil’s state-owned oil firm Petrobras announced on Friday that they had each acquired a 42.5 percent stake in Namibia’s offshore Petroleum Exploration License 104 (PEL 104) exploration license from Maravilla Oil and Gas and Eight Offshore Investments Holdings.
In a statement, the Ministry of Industries, Mines and Energy said it was informed of the announcement only minutes before its release, despite legal provisions requiring advance notification and approval for the transfer, assignment or acquisition of interests in petroleum licenses.
“Any transfer, assignment or acquisition of participating interests in petroleum licenses requires prior approval by the minister, in accordance with the Petroleum (Exploration and Production) Act,” the ministry said, adding that it expects all stakeholders in the sector to adhere strictly to established legal and regulatory frameworks.
The announcement relates to PEL 104, an offshore license located in Namibia’s Orange Basin, an area that has attracted increased international attention following a series of offshore oil discoveries in recent years.
Namibia’s national oil company, Namcor, is also a partner in the license, while the transaction remains subject to regulatory approvals in line with Namibia’s petroleum laws.
The block, covering roughly 11,000 square kilometers in the Luderitz Basin, adds to TotalEnergies’ growing footprint in the country, where it also holds interests in other exploration licenses following a string of discoveries that have turned Namibia into a focus for international oil investment. (Namibia Daily News / Xinhua)
