Update: TotalEnergies, Petrobras Deal Reportedly Won't be Recognized by Namibia For Overlooking Approval Procedure

MT Newswires Live
Feb 09

(Updates with TotanEnergies' response in the fifth and sixth paragraphs, and the ministry's response in the seventh paragraph.)

TotalEnergies (TTE) and Petrobras' (PBR) recently announced acquisition of stakes in an exploration license offshore Namibia will not be recognized by the country's government until the companies follow the proper approval procedure, news outlets reported Sunday, citing Namibia's Ministry of Industries, Mines, and Energy.

"The Namibian government was not notified about these developments, as required by law," Bloomberg News reported, citing a ministry statement.

The ministry was reportedly informed about the deal between the two companies and Maravilla Oil & Gas and Eight Offshore Investments only a few minutes before its release.

On Friday, TotalEnergies and Petrobras said they acquired a roughly 43% stake each in the PEL104 exploration license offshore Namibia.

TotalEnergies told MT Newswires in an email Monday that it "always respects the laws and processes in the countries where it operates."

The energy giant also said that completion of the deal remains subject to customary approvals from the Namibian Authorities, including the prior approval of the Minister of Industries, Mines and Energy.

Namibia's Ministry of Industries, Mines, and Energy told MT Newswires in an emailed response that "The Ministry is not aware of any agreement" and declined to comment.

Petrobras did not respond to MT Newswires' request for comment.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10