TotalEnergies acquires 42.5% stake in Namibian offshore license

French energy major TotalEnergies announced on February 6, 2026, that it has signed definitive agreements to acquire a 42.5% operated interest in the PEL104 exploration license offshore Namibia to further expand its footprint in one of the world’s most promising oil basins. The acquisition, centered in the Lüderitz basin, positions TotalEnergies as the lead operator of the block, which spans approximately 11,000 square kilometers. The move is part of the company's aggressive strategy to consolidate its position in the region following significant recent discoveries and a previous acquisition of the PEL83 license nearby. Under the terms of the new joint venture, TotalEnergies will partner with the Brazilian state-run oil firm Petrobras, which also holds a 42.5% stake. The remaining interest is split between Namibia’s national oil company, Namcor, at 10%, and Eight Offshore Investments Holdings at 5%. Nicolas Terraz, President of Exploration & Production at TotalEnergies, emphasized that this license expansion allows the firm to explore prolific resources while simultaneously progressing toward the commercial development of the previously identified Venus and Mopane discoveries. While the transaction marks a significant leap in offshore exploration, it remains subject to customary regulatory approvals from the Namibian government and the existing joint venture partners. TotalEnergies has a deep-rooted history in the Southern African nation, dating back to 1964. Beyond its exploration activities, the company maintains a robust commercial presence as Namibia’s fourth-largest fuel distributor, operating a network of 43 service stations. This latest deal confirms the energy giant's long-term commitment to tapping into Namibia's emerging status as a global energy frontier.