TotalEnergies has signed an agreement to acquire from Impact Oil and Gas Namibia (Pty) Ltd an additional 10.5 per cent participating interest in block 2913B and an additional 9.39 per cent participating interest in block 2912, both operated by TotalEnergies in Namibia.
The company plans to share this additional participating interest with its strategic partner and joint venture member QatarEnergy.
After completion of these transactions, which will be subject to customary third-party approvals from the Namibian authorities and joint venture parties, TotalEnergies would own a 45.25 per cent interest in block 2913B containing the Venus discovery, and a 42.5 per cent interest in block 2912.
Impact will retain a 9.5 per cent interest in each licence.
TotalEnergies Chairman and CEO Patrick Pouyanné said: “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.”
As per this agreement, Impact will be reimbursed for the past costs incurred for these interests, through a $99 million payment at closing.
Impact will also be carried for its remaining interests until the company receives the first sales proceeds from hydrocarbon production, secured via a repayment mechanism based on its share of production.
