In a significant move for Namibia's burgeoning energy sector, European oil major TotalEnergies and Brazilian state-owned company Petrobras have jointly acquired an 85% stake in an offshore oil exploration block. The announcement was made in a Petrobras press release dated February 6.
According to the statement, "Petrobras announces the acquisition of a 42.5% interest in a block ... offshore the Republic of Namibia in Africa. The transaction was carried out in partnership with TotalEnergies, which also acquired a 42.5% stake and will act as the block's operator. ... The block is located in the Lüderitz Basin, covering an area of approximately 11,000 square kilometers off the Namibian coast."
The two energy giants purchased their shares from the previous concession holders, Eight Offshore Investment Holdings (Eight) and Maravilla Oil & Gas. Following the transaction, Eight retains a 5% interest, while the remaining 10% is held by the National Petroleum Corporation of Namibia (NAMCOR).
Magda Chambriard, President of Petrobras, commented on the strategic importance of the deal: "Partnering in this new block marks Petrobras' return to Namibia and will be highly significant for the company's strategy of exploring new frontiers. ... We have been closely examining the West African coast and the continent's promising opportunities. This was the case in São Tomé and Príncipe, South Africa, and now in Namibia."
A Petrobras spokesperson noted that the transaction aligns with the company's long-term strategy and its 2026-2030 business plan. The final completion of the agreement is subject to obtaining necessary approvals from Namibian regulatory authorities, including the Ministry of Mines and Energy.
This development underscores the intensifying international interest in Namibia's oil potential. It follows an October 2025 statement by Rhino Resources CEO Travis Smitaard, who announced plans to begin drilling an appraisal well at a Namibian oil discovery in 2026. The entry of TotalEnergies and Petrobras signals strong confidence in the region's prospects and sets the stage for accelerated exploration activities in the coming years.