PARIS - TotalEnergies (EPA:TTEF) SE (Paris:TTE) (LSE:TTE) (NYSE:TTE), the French multinational integrated energy and petroleum company, announced its acquisition of additional interests in two offshore exploration blocks in Namibia. The transaction involves a 10.5% participating interest in block 2913B and a 9.39% participating interest in block 2912, both of which are operated by TotalEnergies.
Following the completion of the deal, which is subject to approval from Namibian authorities and joint venture parties, TotalEnergies will hold a 45.25% interest in block 2913B, home to the Venus discovery, 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. Additionally, 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.
The acquisition aligns with TotalEnergies' commitment to sustainable development and its goal to provide energy that is affordable, sustainable, reliable, and accessible. The company, active in nearly 130 countries, employs 100,000 people globally and is involved in a wide range of energy sectors, including oil, biofuels, natural gas, green gases, renewables, and electricity.
This report is based on a press release statement issued by TotalEnergies.
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