• TotalEnergies will operate the offshore PEL104 exploration license in Namibia with a 42.5% stake.

• The license sits in the Lüderitz Basin and covers about 11,000 square kilometers.

• Offshore discoveries could push Namibia’s oil output above 500,000 barrels per day within a decade.

TotalEnergies ranks among the leading players in offshore oil exploration in Namibia. In December 2025, the group became operator of a license previously operated by Galp.

TotalEnergies said on February 6, that it had signed agreements to become operator of the offshore oil exploration license PEL104 off the coast of Namibia. The French multinational will hold a 42.5% stake in the license, according to a company statement that did not disclose the financial terms of the transaction.

The PEL104 license lies in the Lüderitz Basin off the country’s southwestern coast. The license covers an area of about 11,000 square kilometers, according to TotalEnergies. The transaction remains subject to regulatory approvals and partner consents.

Following completion, a consortium will hold the PEL104 license. TotalEnergies and Brazil’s Petrobras will each hold 42.5%, while Namibia’s national oil company Namcor will hold 10%, and Eight Offshore Investments Holdings will hold 5%, according to the statement.

This development follows an earlier move by TotalEnergies in December 2025. The company announced at that time that it had acquired a 40% operated stake in the offshore PEL83 license in Namibia. The license sits in the Orange Basin, which hosts several major oil discoveries, including Venus.

Agence Ecofin reported at the time that TotalEnergies concluded the deal with Portugal’s Galp. The agreement also предусматривает a rebalancing of stakes between the two partners across several Namibian offshore licenses.

As a continuation of this agreement, executives from TotalEnergies and Galp met Namibia’s president, Netumbo Nandi-Ndaitwah, in Windhoek in late January, according to information reported by Upstream Online.

During the meeting, the companies presented progress updates on their offshore activities. The executives reaffirmed their commitment to their Namibian oil projects but announced no new investment decisions, the same sources said.

In 2024, Agence Ecofin cited estimates from consultancy Wood Mackenzie that projected Namibia’s oil production could exceed 500,000 barrels per day within ten years. The firm said the Orange Basin discoveries could drive the increase. Wood Mackenzie estimated at the time that development would require investments of about $4 billion per year during the first half of the next decade.

This article was initially published in French by Abdel-Latif Boureima

Adapted in English by Ange J.A de BERRY QUENUM