The Ministry of Industries, Mines, and Energy says the reported acquisition of a participating interest in a petroleum exploration license between TotalEnergies and Petrobras cannot be recognised as concluded until the required legal process has been followed.
 
The ministry's announcement came after Total Energies announced it has signed agreements to acquire a 42.5% operating interest in the country's offshore license.
 
In its quest to get clarity on the matter, the NBC reached out to the ministry but was rather referred to the Upstream Petroleum Unit in the Presidency.
 
Press Secretary Jonas Mbambo said any transfer, assignment, or acquisition of participating interests in a petroleum license is governed by the Petroleum Act, as well as the license conditions.
 
Mbambo pointed out that amendments to a petroleum license require written approval from the minister, and no transaction can be regarded as valid until a formal application is submitted and the statutory process is completed.
 
He stated that authorities, as regulators and custodians of Namibia's natural resources, must assess any application in line with the law, license obligations, and national interest before deciding whether to approve, approve with conditions, or decline.
 
"At this stage, therefore, the reported deal cannot be regarded as concluded; the final determination rests with the competent authorities once all legal and regulatory requirements have been met."
 
TotalEnergies announced on Friday that it had signed agreements to acquire a 42.5% operating interest from Eight Offshore Investments Holdings and Maravilla Oil and Gas.
 
The company said that upon completion, it would become the operator of the license with a 42.5% interest.
 
The license area is located in the Lüderitz Basin and covers about 11,000 square kilometers off the coast.
 
The company said completion of the transaction is subject to approvals from Namibian authorities and joint venture partners.