Namibia’s Ministry of Industries, Mines and Energy said it was not notified in advance of a high-profile offshore oil transaction in which TotalEnergies and Petrobras each acquired a 42.5% stake in the PEL104 exploration license off the Lüderitz Basin. The ministry raised concerns over procedural compliance, noting the announcement was communicated only minutes before it became public, Bloomberg reported.
Namibian petroleum law requires that any transfer or acquisition of participating interests in exploration licences receive prior approval from the energy minister. Officials stressed that without completing this process, the government cannot recognise the transaction as valid.
A presidency spokesperson, Jonas Mbambo, said that until a formal application and regulatory review are submitted, “no transaction can be recognised or considered valid,” underscoring the importance of legal compliance in managing Namibia’s emerging offshore oil sector.
TotalEnergies and Petrobras confirmed that the deal remains subject to Namibian regulatory approval, including consent from the energy minister, and pledged to proceed fully in line with local law and regulatory requirements, according to Business Insider Africa.
