TotalEnergies increases interests in offshore blocks 2913B and 2912

Wednesday, January 10 2024

Fossil Energy – Namibia

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.

TotalEnergies’ intention is to share this additional participating interest with its strategic partner and joint venture member QatarEnergy.

After completion of these transactions, which will be subject to customary third-party approvals from the Namibian authorities and joint venture parties, TotalEnergies would own a 45.25% interest in block 2913B containing the Venus discovery, and a 42.5% interest in block 2912. Impact will retain a 9.5% interest in each license.

As per this 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 Impact receives the first sales proceeds from hydrocarbon production, secured via a repayment mechanism based on Impact’s share of production.