TotalEnergies ups stakes in Namibia offshore blocks
Energy company TotalEnergies has signed an agreement to acquire from Impact Oil and Gas Namibia an additional 10.5% participating interest in block 2913B and an additional 9.39% participating interest in block 2912, both operated by TotalEnergies in Namibia.
TotalEnergies’ intention is to share this additional participating interest with its strategic partner and joint venture (JV) member, QatarEnergy.
“This transaction not only increases our share in the Venus discovery and remaining prospectivity on these blocks, but also represents a key step toward the development of Venus by consolidating the partnership and securing financing of all partners which will add value to all stakeholders,” says CEO and chairperson Patrick Pouyanné.
After completion of these transactions, which will be subject to customary third-party approvals from the Namibian authorities and JV parties, TotalEnergies would own a 45.25% interest in block 2913B, which contains the Venus discovery, and a 42.5% interest in block 2912. Impact will retain a 9.5% interest in each licence.
In line with the agreement, Impact will be reimbursed for the past costs incurred for these interests, through a $99-million payment at closing. Impact will also be carried for its remaining interests until the company receives the first sales proceeds from hydrocarbon production, secured through a repayment mechanism based on its share of production.
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