Brazil’s state-owned oil company Petrobras has agreed to acquire a 42.5% stake in an offshore oil exploration block in Namibia, marking its return to African upstream investment and expanding its global exploration portfolio. The stake was purchased in a licence located in the Lüderitz Basin, offshore southern Namibia, as outlined in a deal disclosed by the company and reported by Reuters.
The block, known as PEL 104, covers roughly 11,000 square kilometres and will be operated by TotalEnergies, which will also hold a 42.5% interest following the transaction. Namibia’s national oil company Namcor will retain a 10% stake, while Eight Offshore Investment Holdings will hold the remaining 5%, based on details contained in Petrobras regulatory filings.
Petrobras said the acquisition aligns with its 2026–2030 strategic plan, which prioritises reserve replacement and portfolio diversification through exploration in high-potential frontier basins. The company described Namibia’s offshore geology as comparable to Brazil’s pre-salt formations, a factor that has drawn increasing interest from global energy firms, industry disclosures showed.
The transaction is subject to regulatory approvals in Namibia and standard joint-venture conditions. Analysts say the move underscores rising international confidence in Namibia’s offshore prospects, following a string of discoveries that have positioned the country as one of Africa’s most promising new oil and gas frontiers, as noted in sector commentary.
