TotalEnergies Enhances Stake in Deepwater Acreage Off Namibia

TotalEnergies is poised to expand its operational stakes in two deepwater blocks off the coast of Namibia, pending regulatory approvals. In collaboration with joint venture partner QatarEnergy, TotalEnergies is set to acquire an additional 10.5% interest in Block 2913B and an additional 9.39% in Block 2912 from Impact Oil and Gas Namibia.

Following the completion of the transaction, TotalEnergies would hold a 45.25% interest in Block 2913B, which includes the significant Venus discovery, and a 42.5% interest in Block 2912. Impact Oil and Gas Namibia will continue to hold a 9.5% stake in each license. The agreement entails that Impact will receive reimbursement for past costs related to these interests through a $99-million payment. Furthermore, the company will be carried for future work programs based on its remaining interests until it receives proceeds from the initial hydrocarbon production.

Block 2913B, located in Petroleum Exploration License (PEL) 56 offshore southern Namibia, spans approximately 8,215 sq km in water depths reaching up to 3,000 m. Impact Oil and Gas Namibia, the original operator, conducted the acquisition of 2D and 3D seismic data defining the Venus prospect in partnership with the state-owned NAMCOR. TotalEnergies joined the venture in 2017, followed by QatarEnergy in 2019.

The co-venturers achieved a significant milestone in 2022 with the discovery of light oil and associated gas at the Venus-1X well in a Lower Cretaceous sandstone reservoir. Subsequent activities, including a reentry, side-track, and testing of the well in the third quarter of 2023, yielded positive results that are currently informing ongoing development studies.

The exploration momentum continues with further appraisal drilling and testing, featuring the Venus-1A well. Concurrently, the Deepsea Mira is presently engaged in drilling a third appraisal well, Venus-2A. Simultaneously, the Tungsten Explorer is actively drilling the Mangetti-1X exploration well in the northern section of Block 2913B, with plans to deepen the well for appraisal purposes in the northern area of the Venus structure.

Additionally, a comprehensive 3D seismic acquisition program is underway over the southern part of Block 2913B. This initiative covers an area identified for follow-up prospectivity from existing 2D seismic datasets and includes the Damara and Damara South prospects.

Block 2912, located in Petroleum Exploration License (PEL) 91, is adjacent to PEL 56 and spans approximately 7,884 sq km in water depths ranging from 3,000 to 3,900 m. Both Impact and QatarEnergy joined TotalEnergies and NAMCOR in the license in 2019, further solidifying the collaborative efforts in Namibia's offshore exploration endeavors.