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- TotalEnergies (NYSE:TTE) has announced plans to increase its stake in block 2913B and block 2912, located offshore Namibia, following an agreement with Impact Oil and Gas Namibia.
- The company is set to acquire an additional 10.5% and 9.39% participating interest in block 2913B and block 2912, respectively. This strategic move is indicative of TotalEnergies’ commitment to expanding its presence in the region.
- The increased interests in the oil blocks are part of a joint venture with QatarEnergy, a strategic partner of TotalEnergies. This collaboration reflects the ongoing efforts of both entities to maximize potential in the energy market.
- Upon completion of the transactions, TotalEnergies will hold a 45.25% interest in block 2913B, which encompasses the Venus discovery, and a 42.5% interest in block 2912. This development is a significant milestone for the company in solidifying its position in the Namibian oil sector.
- While TotalEnergies fortifies its position in the region, Impact will retain a 9.5% interest in each license, demonstrating the company’s continued involvement in the ventures.
- Under the terms of the agreement, Impact will be reimbursed for previous costs related to these interests through a $99 million payment upon closing of the deal, signaling a fair and equitable arrangement for all parties involved.
- This strategic decision aligns with TotalEnergies’ broader objectives and underlines the company’s dedication to harnessing the full potential of the Namibian oil reserves. The agreement is expected to bring mutual benefits while positioning both companies for sustained growth in the region.
- Sources: Press Release
