Petrobras, in partnership with TotalEnergies, has acquired a 42.5% stake in Block 2613, located offshore the Republic of Namibia.

The transferring companies are Eight Offshore Investment Holdings (“Eight”) and Maravilla Oil & Gas. After the transaction is concluded, Eight will continue to hold 5% of the block, while Maravilla will retain its non-active participation. 

Upon completion of the transaction, TotalEnergies will be the operator of the license holding a 42.5% interest alongside Petrobras (42.5%), Namcor (10%) and Eight (5%).

The Block is located in the Lüderitz Basin and covers an area of ​​about 11 thousand km² on the Namibia coast. The acquisition marks Petrobras' return to Namíbia and is aligned with the company's long-term strategy, aimed at diversifying its portfolio and recomposing its oil and gas reserves through the exploration of new frontiers and the strengthening of strategic partnerships. 

Nicolas Terraz, President Exploration & Production at TotalEnergies, commented:
“After the acquisition in December of a 40% operated interest in PEL83 license, TotalEnergies further strengthens its position in Namibia by entering this new exploration license as operator. While progressing towards the development of Venus and Mopane discoveries, we are very pleased to expand our portfolio and continue exploring the prolific resources of Namibia, in order to unlock further value that will benefit the country and all stakeholders.”

The conclusion of the transaction is conditioned on compliance with preceding conditions, including applicable governmental and regulatory approvals, notably by the Ministry of Industry, Mines and Energy of Namíbia.

Background

Petrobras’s first exit from Namibia happened in the early 2010s through a gradual reduction in its stake in the key offshore licence Block 2714A — the asset it initially farmed into in 2009. After entering that block with a 50% interest under a farm-out deal with Chariot Oil & Gas, Petrobras reduced its share by selling portions of its equity to partners, most notably to bp in 2012, when bp acquired an additional 20% of the licence from Petrobras.

This reduction of ownership effectively marked Petrobras stepping back from a leading role in the Namibian block 2714A venture, and over the subsequent years it did not maintain a prominent exploration position in Namibia, aligning with the company’s wider strategy at the time to divest international assets and refocus on core areas such as Brazil’s pre-salt.

TotalEnergies has been present in Namibia since 1964 and employs 55 people. TotalEnergies is also the 4th largest fuel distributor in the country, with 43 service stations. 

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