Government officials stated on Sunday that Namibia would not recognize the purchase of offshore stakes by TotalEnergies or Petrobras announced last week until the…
Government officials stated on Sunday that Namibia would not recognize the purchase of offshore stakes by TotalEnergies or Petrobras announced last week until the oil companies followed the proper approval route.
A spokesperson for the Presidency, Jonas Mbambo confirmed that "no transaction" can be recognized or considered valid until a formal application is submitted, and the prescribed legal process has been completed.
French oil giant TotalEnergies, and Brazil's Petrobras announced on Friday that they each had acquired a 42.5% share in the PEL104 offshore Namibia exploration licence. Both firms are looking to develop oil at one of the last frontiers in exploration.
Total's investment in southern Africa has been expanded with the acquisition of Maravilla Oil and Gas and Eight Offshore Investments Holdings. The company hopes to become the first oil producer by the end of the decade.
The Ministry of Industries, Mines and Energy released a statement Sunday saying that it had not been notified of developments as required by law and only learned about the planned announcement of the deal "a few minutes" before the release.
The statement stated that "the government makes it clear to all parties involved in the transfer, assignment or acquisition of petroleum licenses, in
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