TotalEnergies, a major French energy company, is expanding its presence in Namibia's emerging oil and gas sector by acquiring additional interests in two offshore blocks.

This strategic move, announced in a press release on Wednesday, aims to solidify TotalEnergies' position in the region and contribute to the development of Namibia's resources.

Under the agreement, TotalEnergies will purchase:

• An additional 10.5% interest in block 2913B, the site of the Venus discovery. 
• An additional 9.39% interest in block 2912, located directly adjacent to block 2913B. This will increases TotalEnergies' stake in the Venus block to 42.5% in both blocks.

“This transaction not only increases our share in the Venus discovery,” said Patrick Pouyanné, Chairman and Chief Executive Officer at TotalEnergies, “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.” The deal is still subject to approvals by Namibian authorities.

TotalEnergies first discovered light oil with associated gas in February 2022, 290km off the coast. As the operator, the company is actively working to assess its potential further.

Also on Wednesday, Portuguese Galp Energia confirmed the discovery of oil in the Mopane-1X exploration project on block PEL83, also off the coast of Namibia. The company is planning to extend its exploration to the Mopane-2X well.

The African Energy Chamber (AEC) said that the recent discoveries and the growing oil and gas industry will play a pivotal role in enhancing Namibia's economic strength and gross domestic product growth.