TotalEnergies has entered into an agreement to increase its participation in two offshore Namibian exploration licenses.

The French multinational is poised to acquire an additional 10.5% participating interest in Block 2913B – which is home to the Venus discovery – and a further 9.39% stake in Block 2912 from Impact Oil and Gas, pending approval from Namibian regulators and joint venture partners. Upon approval, the deal would elevate TotalEnergies’ stakes to 45.25% and 42.5%, respectively.

As part of the agreement's completion, TotalEnergies will make a payment of $99 million to Impact Oil and Gas, covering not only the acquisition but also the reimbursement of all expenses related to previous activities in the blocks.

Patrick Pouyanné, Chairman and CEO of TotalEnergies, remarked, “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 Venus by consolidating the partnership and securing financing of all partners, which will add value to all stakeholders.”

Impact Oil and Gas will retain a 9.5% interest in each block until it receives initial sales proceeds from hydrocarbon production.