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.
