From Investing.com:

TotalEnergies has acquired additional interests in two offshore exploration blocks in Namibia. This involves a 10.5% participating interest in block 2913B and a 9.39% participating interest in block 2912, which are both operated by TotalEnergies. The deal is subject to approval from Namibian authorities and joint venture parties.

Following the completion of the transaction, TotalEnergies will hold a 45.25% interest in block 2913B and a 42.5% interest in block 2912. Impact Oil and Gas Namibia will retain a 9.5% interest in each license post-transaction. Impact will receive a $99 million payment at closing as reimbursement for past costs incurred for these interests.

In addition, Impact will be carried for its remaining interests until it receives the first sales proceeds from hydrocarbon production, with a repayment mechanism based on its share of production. TotalEnergies has a longstanding presence in Namibia, operating in the country since 1964. The company is also a significant player in the Namibian fuel distribution market and is exploring opportunities to develop low carbon projects in line with its multi-energy strategy.

TotalEnergies is committed to sustainable development and providing energy that is affordable, sustainable, reliable, and accessible. The company operates in nearly 130 countries, employing 100,000 people globally, and is involved in a wide range of energy sectors, including oil, biofuels, , green gases, renewables, and electricity. This report is based on a press release statement issued by TotalEnergies.



Read more: TotalEnergies expands stake in Namibian blocks By Investing.com