Namibia rejects TotalEnergies and Petrobras offshore deal over procedural failures
Namibia has rejected an offshore deal by TotalEnergies and Petrobras for failing to follow legal procedures. Officials say the move lacked prior approval.
Insights:
The Government of Namibia 
NA announced today, February 8, 2026, that it will not recognise the purchase of 42.5% stakes in the PEL104 offshore exploration licence by TotalEnergies SE and Petrobras. The state indicated that the companies did not follow the required approval procedure and had not submitted a formal application for the transaction. Under the laws of Namibia NA, no transaction can be recognised or considered valid until ministerial approval and the prescribed statutory process are completed, a requirement that directly affects the legal validity and timing of the deal.
NA announced today, February 8, 2026, that it will not recognise the purchase of 42.5% stakes in the PEL104 offshore exploration licence by TotalEnergies SE and Petrobras. The state indicated that the companies did not follow the required approval procedure and had not submitted a formal application for the transaction. Under the laws of Namibia NA, no transaction can be recognised or considered valid until ministerial approval and the prescribed statutory process are completed, a requirement that directly affects the legal validity and timing of the deal.This announcement follows the news last week that TotalEnergies SE , headquartered in France 
FR, and Petrobras, based in Brazil 
BR, had each reported the acquisition of a 42.5% stake in the PEL104 exploration licence. These assets are located in the Luderitz Basin. The transaction also involves Maravilla Oil and Gas and Eight Offshore Investments Holdings. However, the Ministry of Industries, Mines and Energy (Namibia) NA and the Office of the Presidency (Namibia) NA have clarified that the legal recognition of this deal is strictly dependent on the completion of the formal regulatory framework.
FR, and Petrobras, based in Brazil BR, had each reported the acquisition of a 42.5% stake in the PEL104 exploration licence. These assets are located in the Luderitz Basin. The transaction also involves Maravilla Oil and Gas and Eight Offshore Investments Holdings. However, the Ministry of Industries, Mines and Energy (Namibia) NA and the Office of the Presidency (Namibia) NA have clarified that the legal recognition of this deal is strictly dependent on the completion of the formal regulatory framework.
