TOTAL Grabs More Stake in Juicy Namibian Blocks, Moves towards Venus Development - Africa’s premier report on the oil, gas and energy landscape.

TOTAL Grabs More Stake in Juicy Namibian Blocks, Moves towards Venus Development

TOTALEnergies has signed an agreement to acquire an additional 10.5% participating interest in Namibia’s block 2913B and an additional 9.39% participating interest in block 2912, from Impact Oil and Gas.

Both acreages are operated by the French major. “TOTALEnergies’ intention is to share this additional participating interest with its strategic partner and joint venture member QatarEnergy”, the company says in a release.

“This transaction not only increases our share in the Venus discovery and remaining prospectivity on these blocks, but also represents a key step toward the development of the Venus discovery by consolidating the partnership and securing financing of all partners which will add value to all stakeholders”, said Patrick Pouyanné, Chairman and Chief Executive Officer at TOTALEnergies.

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 $99Million 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”.

 

 

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