Namibia Raises Legal Concerns Over Petrobras and TotalEnergies Stake Acquisition in Offshore Oil Block
Namibia’s government has raised concerns over a planned acquisition by TotalEnergies and Brazil’s state-owned oil company Petrobras of stakes in an offshore exploration licence, saying it was not formally notified of the transaction as required by law.
In a statement issued on Sunday, the Ministry of Industries, Mines and Energy said it had not been informed in advance of the deal and was alerted only minutes before the public announcement was released.
Petrobras announced on Friday that it had acquired a 42.5% stake in an offshore oil exploration block in Namibia, marking its return to the country as it seeks to expand exploration activities in Africa to replenish reserves.
According to Petrobras, the acquisition was carried out in partnership with TotalEnergies, which also secured a 42.5% stake and will serve as operator of the offshore Petroleum Exploration Licence (PEL) 104.
The interests were acquired from Eight Offshore Investments Holdings and Maravilla Oil & Gas. The financial terms of the transaction were not disclosed in Petrobras’ regulatory filing.
Under the proposed ownership structure, Eight Offshore Investments would retain a 5% stake, while Namibia’s national oil company, Namcor Exploration and Production, would hold 10%. Maravilla Oil & Gas is exiting the project entirely, Petrobras said.
“This acquisition marks Petrobras’ return to Namibia and is aligned with the company’s long-term strategy,” the company stated, adding that the transaction is consistent with its 2026–2030 business plan.
However, Namibia’s Ministry of Industries, Mines and Energy emphasized that any transfer or acquisition of interests in petroleum licences is subject to prior ministerial approval.
The absence of formal notification, the ministry said, raises legal and regulatory concerns.
The government’s position introduces uncertainty over whether the transaction can proceed as announced and highlights broader regulatory sensitivities facing foreign investors in Namibia’s emerging offshore energy sector, which has attracted growing international interest following a series of significant oil and gas discoveries in recent years.
