TotalEnergies expands stake in Namibia block

PARIS – French multinational integrated oil, gas and energy company TotalEnergies SE (Paris: NYSE:) (LSE: TTE) (NYSE: TTE) announces the acquisition of two exploration blocks offshore Namibia additional benefits. The transaction involves a 10.5% participating interest in Block 2913B and a 9.39% participating interest in Block 2912, both operated by TotalEnergies.

After the transaction is completed, subject to approval by the Namibian authorities and the joint venture partners, TotalEnergies will hold a 45.25% stake in Block 2913B where Venus was discovered, and a 42.5% stake in Block 2912. Impact Oil and Gas Namibia will retain a 9.5% interest in each license following the transaction.

Impact will receive a $99 million payment at closing to repay past expenses incurred for these benefits. In addition, Impact will vest its remaining interest prior to receipt of the first sales proceeds from hydrocarbon production, with a payback mechanism in place based on the production tranche.

TotalEnergies has a long history in Namibia and has been operating in the country since 1964. The company is also a significant player in the Namibian fuel distribution market and is exploring opportunities to develop low-carbon projects in line with its multi-energy strategy.

The acquisition is consistent with TotalEnergies’ commitment to sustainability and its goal of providing affordable, sustainable, reliable and accessible energy. The company operates in nearly 130 countries and employs 100,000 people worldwide across a range of energy sectors, including oil, biofuels, natural gas, green gas, renewables and electricity.

This report is based on a press release issued by TotalEnergies.

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