The Namibian government has awarded TotalEnergies a three-month license to explore for oil in the country, effective from November 2026 to January 2027. This license will enable the company to conduct exploration activities, which are expected to cost N$220.5 million. The exploration will focus on Block 2913B, located in the Namibian offshore area.
According to Minister of Mines and Energy, Modestus Amutse, the license was granted following a successful bid by TotalEnergies. The company will have the right to explore for oil and petroleum in the designated block, which covers an area of 345.3 square kilometers. The minister noted that the exploration activities will not only benefit the country economically but also enhance its energy sector.
The exploration activities by TotalEnergies will involve the drilling of a well to assess the potential of the block. The minister stated that the company will be required to pay a signature bonus of N$61 million for oil and N$71 million for petroleum. This payment is a significant revenue stream for the government and demonstrates the company's commitment to exploring Namibia's energy potential.
The Namibian government has been actively promoting exploration activities in the country, with the aim of discovering new oil and gas reserves. In April, the government announced that it had terminated a previous exploration agreement with Vitol, citing non-compliance with the terms of the agreement. The government has since been working to secure new partnerships with international companies to explore the country's energy potential.
Minister Amutse emphasized that the government is committed to ensuring that exploration activities are conducted in a transparent and environmentally responsible manner. He noted that the government has put in place measures to ensure that the country's environmental and social concerns are addressed. The exploration activities by TotalEnergies are expected to create new opportunities for economic growth and development in the country.
The award of the license to TotalEnergies is a significant milestone for Namibia's energy sector. The country has been seeking to develop its energy industry, with a focus on oil and gas exploration. The government has been working to attract international investment in the sector, with the aim of discovering new reserves and developing the country's energy infrastructure.
The exploration activities by TotalEnergies are expected to contribute to the country's economic growth and development. The company's investment in the sector is a vote of confidence in Namibia's energy potential and demonstrates the country's attractiveness as an investment destination. The government has expressed its commitment to working with international companies to develop the country's energy sector and create new opportunities for economic growth.
Key points
- TotalEnergies has been granted a three-month license to explore for oil in Namibia at a cost of N$220.5 million.
- The exploration activities will focus on Block 2913B, located in the Namibian offshore area, covering an area of 345.3 square kilometers.
- The award of the license is a significant milestone for Namibia's energy sector, demonstrating the country's attractiveness as an investment destination.
