Namibia Ministry Says It Was Unaware of TotalEnergies’ Deal
(Bloomberg) -- Namibia’s energy ministry said the government wasn’t notified of the planned acquisition by TotalEnergies SE and Petroleo Brasileiro SA of stakes in an offshore exploration license in the southern African country.
TotalEnergies agreed to buy a 42.5% operated stake in the country’s PEL 104 license from Eight Offshore Investments Holdings and Maravilla Oil & Gas, the French oil giant said in a statement on Friday. Brazil’s Petrobras took a 42.5% stake, the company reported in its own announcement.
“The Namibian Government was not notified about these developments, as required by law,” the Ministry of Industries, Mines and Energy said in a statement on Sunday, adding that it was informed of the planned press release “a few minutes prior to its release.”
A spokesperson for TotalEnergies declined to comment. The ministry deferred additional questions to Namibia’s presidency.
The ministry’s account complicates the deal and raises questions about communication between government entities and oil companies in Namibia as it looks to become a significant crude producer. Since 2022, the Orange Basin has seen a series of major discoveries by TotalEnergies and Shell Plc, followed by farm-ins from companies including Chevron Corp. and BP Plc-Eni SpA venture Azule Energy.
Completion of the PEL 104 license transaction remains subject to various approvals, Total said earlier. State-owned Namcor will hold a 10% stake and Eight will retain 5% under the deal.
The ministry on Sunday “noted with concern” reports of what it called the “alleged equity interests” and stressed that any transfer or acquisition of stakes in petroleum licenses in Namibia must obtain prior approval from the minister.
Namibian President Netumbo Nandi-Ndaitwah last year began moving to bring oil and gas more directly under her control.
(Updates with details throughout, Total declining to comment)
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