TotalEnergies strengthens position in Namibia deepwater acreage

Offshore staff

PARIS, France — TotalEnergies is set to increase its operated stakes in two deepwater blocks offshore Namibia, pending regulatory approvals.

Partner Impact Oil and Gas Namibia will transfer an additional 10.5% interest in Block 2913B and a further 9.39% in Block 2912. TotalEnergies plans to share these interests with joint venture member QatarEnergy.

Upon completion, TotalEnergies would hold 45.25% in Block 2913B, which contains the Venus discovery, and 42.5% in Block 2912. Impact will be retaining 9.5% in each license.

Under the agreement, London-based Impact will be reimbursed for past costs related to these interests with a $99-million payment. It will also be carried for future work programs according to its remaining interests until it receives the proceeds from first hydrocarbon production.

Block 2913B in PEL 56 is offshore southern Namibia and covers about 8,215 sq km in water depths of up to 3,000 m. Impact, which was the original operator, went on to acquire 2D and 3D seismic data that defined the Venus prospect, in partnership with state-owned NAMCOR.

TotalEnergies came onboard in 2017, followed by QatarEnergy in 2019.

In 2022 the co-venturers discovered light oil and associated gas with the Venus-1X well in a Lower Cretaceous sandstone reservoir. A reentry, side-track and test of the well during third-qaurter 2023 delivered positive results, which are being factored into development studies.

Further appraisal drilling and testing followed with the Venus-1A and the Deepsea Mira is currently drilling a third appraisal well, Venus-2A.

Simultaneously, the Tungsten Explorer is drilling the Mangetti-1X exploration well in the northern part of Block 2913B, with the well likely to then be deepened to appraise the northern area of the Venus structure.

In addition, a new 3D seismic acquisition program is underway over the southern part of the block covering an area with follow-up prospectivity identified from existing 2D seismic datasets, and including the Damara and Damara South prospects.

Block 2912 in PE 91 is adjacent to PEL 56 and covers about 7,884 sq km in 3,000-3,900 m water depths. Impact and QatarEnergy both joined TotalEnergies and NAMCOR in the license in 2019.

01.10.2024