US EditionNamibia Refuses to Recognize TotalEnergies Oil Acquisition
Namibia's Ministry of Industries, Mines and Energy said TotalEnergies and Petrobras failed to obtain required ministerial approval for their 42.5% stakes in the PEL104 offshore license.
- On February 6, TotalEnergies SE and Petroleo Brasileiro SA announced they each acquired 42.5% of the PEL104 offshore licence, but Namibia's Ministry of Industries, Mines and Energy said on Sunday it had not been notified and lacked required approval.
- Under Namibian law, any transfer must obtain prior approval from the Minister of Industries, Mines and Energy , and the ministry said it was informed only a few minutes before the companies' press release.
- TotalEnergies agreed to buy an operated interest from Eight Offshore Investments Holdings and Maravilla Oil & Gas, and said completion of the PEL104 transaction remains subject to approvals.
- The Namibian government said it will not recognise the asset acquisition because the companies did not follow the required procedure, Jonas Mbambo, presidential spokesperson, said without a formal application 'no transaction can be recognised or considered valid'.
- Interest in offshore exploration has surged in recent years after TotalEnergies SE's Venus discovery and Galp Energia's Mopane field , while President Netumbo Nandi‑Ndaitwah's sector consolidation last year raises investor concerns.
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11 Articles
Namibia Blocks TotalEnergies-Petrobras Oil Deal and Tells the World: Our Rules or Nothing
Key Points — Namibia’s government refused to recognize a deal in which France’s TotalEnergies and Brazil’s Petrobras each bought 42.5% of an offshore exploration license, saying the companies skipped the legally required approval process and told the ministry only minutes before going public. — The clash comes as Namibia — a small, deeply unequal nation […]
Namibia says it wasn't notified of TotalEnergies and Petrobras deal for offshore licence
Namibia on Sunday slammed a deal announced between oil giants TotalEnergies and Petrobras for offshore exploration in the Luderitz basin, saying the government had not been notified.
Namibia Refuses to Recognize TotalEnergies Oil Acquisition
The Namibian government will not recognize an asset acquisition deal involving TotalEnergies and Petrobras because they did not follow procedure. In a statement on Sunday, the country’s Ministry of Industries, Mines and Energy said, as quoted by Reuters, that TotalEnergies and Petrobras had not notified it of their intentions to acquire a 42.5% each in the PEL104 offshore license and had therefore failed to secure the formal approval of the gove…
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.
Namibia Ministry Says It Was Unaware of TotalEnergies’ Deal
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.
African state disputes French oil giant’s offshore deal - The Press United
TotalEnergies failed to notify the Namibian government in advance of the planned agreement, the country’s energy ministry has said Namibia has pushed back against an offshore deal between French oil giant TotalEnergies and Brazil’s Petrobras, saying the companies did not secure required government approval before announcing the transaction. TotalEnergies announced on Friday that it has […] The post African state disputes French oil giant’s offsh…
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