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Namibia Rejects Offshore Oil Stake Sale by TotalEnergies and Petrobras

Namibia’s government has said it will not accept or validate the recent offshore oil stake purchase announced by TotalEnergies and Petrobras, saying the companies did not follow the country’s legal approval process.

Officials in Windhoek emphasised that before any transfer of interests in Namibia’s petroleum licences can be recognised, the involved parties must file a formal request and get approval from the relevant minister. Until that process is completed, the government will not treat the transaction as legitimate, a presidential spokesperson stated.

Last week, French energy firm TotalEnergies and Brazil’s state‑linked Petrobras said they had each acquired a 42.5% share in an exploration licence off Namibia’s coast in the Luderitz Basin.

The companies made the purchase from Maravilla Oil and Gas and Eight Offshore Investments Holdings as part of efforts to expand oil exploration in the region.

However, the Ministry of Industries, Mines and Energy pointed out that it was not formally notified about the deal in advance, a legal requirement – and only learned about the public announcement shortly before it was released. Government rules require prior approval from the minister for any sale or assignment of interests in petroleum licences to be valid.