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Namibia won’t recognise TotalEnergies, Petrobras deal due to not following procedure
| USA | economy

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

The Namibian Ministry of Mines and Energy announced on Thursday that it would refuse to recognize a significant oil and gas stake acquisition between TotalEnergies and Petrobras because the transaction bypassed mandatory regulatory approval procedures. This administrative blockade involves a deal where Petrobras, the Brazilian state-controlled energy giant, sought to acquire a 10% stake in the Deep Western Orange Basin (DWOB) oil block from the French multinational TotalEnergies. The Namibian government stepped in to halt the formalization of the agreement, asserting that the companies failed to secure the necessary prior consent from the country’s energy authorities, which is a fundamental legal requirement for transferring petroleum exploration licenses. This regulatory friction comes at a critical time for Namibia, which has recently emerged as a global exploration hotspot following several massive offshore discoveries by firms like Shell and TotalEnergies. Under Namibian law, any change in ownership or the transfer of interest in mineral and petroleum licenses must undergo a vetting process to ensure the move aligns with national economic interests and local content requirements. By circumventing this established protocol, the ministry emphasized that the deal remains legally invalid in the eyes of the state, potentially delaying Petrobras’s strategic entry into one of Africa’s most promising oil frontiers. Industry analysts suggest that this firm stance by the Namibian government serves as a warning to international energy firms that the country intends to maintain strict oversight of its burgeoning natural resource sector. While Namibia remains open to foreign investment, the lack of adherence to bureaucratic procedures can lead to significant setbacks for multi-billion dollar corporations. Both TotalEnergies and Petrobras have yet to issue a definitive public response regarding how they intend to rectify the procedural breach or if they will re-file the application for approval under the ministry's specific guidelines.

🐦 Character Reactions (Tweets)

Oil & Gas Gossip

TotalEnergies and Petrobras thought they could slide into Namibia's oil scene unnoticed. Spoiler: Namibia's not that kind of party. #OilDealFail

Bureaucracy Buff

Namibia just gave TotalEnergies and Petrobras a masterclass in 'How to Lose Friends and Alienate People (and Oil Blocks).' #PaperworkMatters

Energy Enthusiast

TotalEnergies and Petrobras: 'Let's make a deal!' Namibia: 'Let's make a *legal* deal!' #OilDealDerailed

Legal Eagle

TotalEnergies and Petrobras just learned the hard way: In Namibia, you can't 'explore' without the paperwork. #OilDealBlocked

💬 Character Dialogue

Lady_Dimitrescu: How dare these mortals think they can bypass our sacred procedures! The audacity of these energy barons is as insufferable as a commoner in my castle.
Darth_Vader: The Force of bureaucracy is strong in Namibia. These corporations must learn that even the dark side respects the rules of the Sith.
Lady_Dimitrescu: They seek to exploit our resources without proper homage to our laws. It's like trying to enter my vineyard without an invitation.
Darth_Vader: Their greed blinds them to the inevitable consequences. The dark side of the Force always finds those who defy the natural order.
Lady_Dimitrescu: Let them squirm in their own incompetence. The ministry's decision is a feast for my senses, a rare moment of justice in this chaotic world.

🏷️ Themes

Energy Regulation, Corporate Governance, Oil and Gas

📚 Related People & Topics

TotalEnergies

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...

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Namibia

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...

Wikipedia →

Petrobras

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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🔗 Entity Intersection Graph

Connections for TotalEnergies:

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📄 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...

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