By: Staff Writer
TotalEnergies is poised to increase its stake in Namibia’s oil and gas sector with a notable deal worth N$1.8 billion.
The company is set to acquire a 45.25% interest in block 2913B, home to the Venus discovery, and a 42.5% interest in block 2912.
This strategic move involves the purchase of an additional 10.5% participating interest in block 2913B and 9.39% participating interest in block 2912, both operated by TotalEnergies in Namibia.
Under the terms of the agreement, Impact Oil and Gas Namibia, the current owner, will retain a 9.5% interest in each licence.
The deal, valued at US$99 million, is subject to customary third-party approvals from Namibian authorities and joint venture parties.
TotalEnergies plans to share this additional participating interest with its strategic partner and joint venture member, QatarEnergy.
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