TotalEnergies announces that it has signed an agreement with Impact Oil and Gas Namibia (Pty) Ltd to acquire additional interests of 10.5% in Block 2913B and 9.39% in Block 2912, operated by the French oil and gas group in Namibia.

Upon completion of these transactions, subject to approvals, it would own 45.25% of Block 2913B, which contains the Venus discovery, and 42.5% of Block 2912. TotalEnergies intends to share its additional interest with QatarEnergy.

Under the terms of the agreement, Impact will be reimbursed for costs previously disbursed in respect of its interests, with a payment of $99 million at closing, and will benefit from a cost carry related to its remaining interests.

This cost carry will be reimbursed to Impact upon receipt by the latter of the first hydrocarbon production revenues, via a reimbursement mechanism based on its share of production.

Copyright (c) 2024 CercleFinance.com. All rights reserved.