Total SA has signed an agreement to acquire a 42.5% operated interest in the offshore PEL104 exploration license in Namibia from Investec Offshore Investment Holdings and Malawila Oil & Gas. Upon completion of the transaction, the French energy giant will assume operatorship of the block. Its partners will include Petrobras, which also holds a 42.5% interest, Namibia's national oil company Namcor with a 10% stake, and Investec Offshore Investment Holdings, which retains a 5% interest.
The PEL104 block is located in the Lüderitz Basin offshore southern Namibia, covering an area of approximately 11,000 square kilometers. The transaction is subject to customary regulatory approvals from Namibian authorities and the joint venture partners.
This move continues Total SA's active expansion strategy in Namibia, following its acquisition of a 40% operated interest in the adjacent PEL83 block in December. Namibia's offshore region has seen a series of major oil and gas discoveries in recent years, including Total SA's own Venus discovery and the Mopane discovery operated by a partner. This has positioned the country as one of the world's most promising emerging offshore exploration hotspots.
By adding the PEL104 block to its portfolio, Total SA strengthens its operational control and geological exploration footprint across multiple basins. This enables the company to advance its business by leveraging shared infrastructure, subsurface geological expertise, and exploration synergies. Although the Lüderitz Basin is less explored than the Orange Basin to the north, its exploration prospects are widely viewed as favorable. If exploration results mirror discoveries in surrounding blocks, it could yield significant additional resources.
The partnership with Petrobras also highlights the growing international interest in Namibia's offshore exploration potential. As production declines in traditional mature basins globally, major oil and gas companies are actively seeking to replenish their reserves. For Namibia, sustained investment in the upstream sector supports its long-term vision of becoming a significant oil-producing nation. It is also expected to boost fiscal revenues, create jobs, and promote the development of local industries.
Total SA has been operating in Namibia for decades with a well-established downstream presence, ranking as one of the country's largest fuel distributors. The company has also expressed interest in developing low-carbon and integrated energy projects locally, aligning with its global strategy while continuing to prioritize high-value upstream exploration opportunities.
Namibia continues to attract attention from global energy investors. The PEL104 transaction further solidifies Total SA's position as a leading operator in the country's offshore exploration sector.