Namibia won’t recognise TotalEnergies, Petrobras deal due to not following procedure
#Namibia #TotalEnergies #Petrobras #Orange Basin #Oil Stake #Regulatory Approval #Mining and Energy
📌 Key Takeaways
- Namibia has officially blocked the stake transfer between TotalEnergies and Petrobras due to procedural violations.
- Petrobras intended to acquire a 10% share in the Deep Western Orange Basin oil block.
- The Namibian Ministry of Mines and Energy cited the lack of mandatory prior consent as the reason for the non-recognition.
- The decision highlights Namibia's strict enforcement of regulatory frameworks amidst a surge in oil exploration interest.
📖 Full Retelling
🐦 Character Reactions (Tweets)
Oil & Gas GossipTotalEnergies and Petrobras thought they could slide into Namibia's oil scene unnoticed. Spoiler: Namibia's not that kind of party. #OilDealFail
Bureaucracy BuffNamibia just gave TotalEnergies and Petrobras a masterclass in 'How to Lose Friends and Alienate People (and Oil Blocks).' #PaperworkMatters
Energy EnthusiastTotalEnergies and Petrobras: 'Let's make a deal!' Namibia: 'Let's make a *legal* deal!' #OilDealDerailed
Legal EagleTotalEnergies and Petrobras just learned the hard way: In Namibia, you can't 'explore' without the paperwork. #OilDealBlocked
💬 Character Dialogue
🏷️ Themes
Energy Regulation, Corporate Governance, Oil and Gas
📚 Related People & Topics
TotalEnergies
French multinational energy and petroleum company
TotalEnergies SE is a French multinational integrated energy and petroleum company founded in 1924 and is one of the seven supermajor oil companies. Its businesses cover the entire oil and gas chain, from crude oil and natural gas exploration and production to power generation, transportation, refin...
Namibia
Country in Southern Africa
Namibia, officially the Republic of Namibia, is a country in Southern Africa. It borders the Atlantic Ocean to the west, Angola and Zambia to the north, Botswana to the east and South Africa to the south; in the northeast, approximating a quadripoint, Zimbabwe lies less than 200 metres (660 feet) aw...
Petrobras
Brazilian majority state-owned oil and gas corporation
Petróleo Brasileiro S.A., better known by and trading as the portmanteau Petrobras (Portuguese pronunciation: [ˌpɛtɾoˈbɾas, pet-]), is a Brazilian majority state-owned multinational corporation in the petroleum industry, which is headquartered in Rio de Janeiro. The company's name translates to Braz...
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Connections for TotalEnergies:
- 🌐 Namibia (1 shared articles)
- 🏢 Petrobras (1 shared articles)
- 🌐 Texas (1 shared articles)
- 🏢 Google (1 shared articles)
- 👤 Solar Power (1 shared articles)
📄 Original Source Content
try{ var _=i o; . if(!_||_&&typeof _==="object"&&_.expiry As Claude disrupts stock market, Anthropic researcher warns ’world is in peril’ Gold, silver prices rise amid U.S.-Iran tensions, blowout January payrolls data Dow halts three-day win streak as blowout jobs data curbs rate cut bets Citi pushes back Fed rate cuts to May after blowout January jobs report (South Africa Philippines Nigeria) Namibia won’t recognise TotalEnergies, Petrobras deal due to not following procedure Stock Markets Published 02/08/2026, 07:33 AM Updated 02/08/2026, 04:54 PM Namibia won’t recognise TotalEnergies, Petrobras deal due to not following procedure 0 TTEF 2.74% PBR 3.26% WINDHOEK, Feb 8 - Namibia will not recognise the purchase of offshore stakes in the Luderitz Basin announced last week by TotalEnergies and Petrobras until the oil companies follow the proper route for approval, government officials said on Sunday. Jonas Mbambo, a spokesperson for the presidency, confirmed that until a formal application is submitted and the prescribed statutory process is completed, "no transaction can be recognised or considered valid". French oil major TotalEnergies and Brazil’s Petrobras said on Friday they had each acquired a 42.5% stake in the PEL104 exploration licence offshore Namibia, as both firms look to develop oil in one of the world’s last exploration frontiers. The acquisition, from Maravilla Oil and Gas and Eight Offshore Investments Holdings, marks an expansion of Total’s holdings in the southern African country, where it hopes to be the first to produce oil by the end of the decade. MINISTRY CALLS FOR PRIOR APPROVAL In a statement on Sunday, the Ministry of Industries, Mines and Energy said it was not notified of the developments, as required by law, and was told about the planned announcement of the deal only "a few minutes" before its release. "The government makes it clear that in accordance with the law, any transfer, assignment, or acquisition of participating interests in pe...