French energy major TotalEnergies has strengthened its position offshore Namibia after acquiring a 42.5% operated stake in the PEL104 exploration licence, located north of the Mopane mega-discovery and the company’s planned Venus oil development.
The acreage was purchased for an undisclosed amount from Maravilla Oil and Gas and Eight Offshore Investments Holdings. PEL104 sits in a highly prospective zone close to the Mopane discovery, estimated to contain more than 10 billion barrels of oil—and the Venus project, which is expected to produce around 150,000 barrels per day.
TotalEnergies secured a 40% operated stake in Mopane last year from Portugal’s Galp and is aiming to be the first producer of oil in Namibia by the end of the decade. Three appraisal wells are scheduled to be drilled at Mopane this year to further assess the resource base.
“We are very pleased to expand our portfolio and continue exploring Namibia’s prolific resources to unlock further value for the country and all stakeholders,” said Nicolas Terraz, President of Exploration and Production at TotalEnergies.
The move comes amid heightened engagement with Namibian authorities, with TotalEnergies CEO Patrick Pouyanné recently holding talks with Namibia’s president and Galp’s chairman on advancing oil and gas developments. The company is targeting a final investment decision on the Venus project this year, despite rising costs linked to complex geology.