The Ministry of Industry, Mines, and Energy in Namibia has expressed serious concerns over an acquisition deal between French company TotalEnergies and Brazilian firm Petrobras. The ministry stated that it was not informed beforehand about the acquisition of shares in an offshore oil exploration license, creating uncertainty regarding the future of the agreement. According to the law, the ministry must approve any transfer or acquisition of interests in petroleum licenses, and the ministry learned of this deal only minutes before its public announcement.

Petrobras, the Brazilian state-owned oil company, announced that it acquired a 42.5% stake in the offshore exploration license, matching the stake acquired by TotalEnergies, which will operate the license. The financial details of the transaction were not disclosed. Petrobras described this move as part of its strategic plan for the 2026-2030 period, aimed at re-entering the Namibian market and creating new opportunities for exploration in Africa to replenish its reserves.

This deal raises important questions about compliance with Namibian regulations and the transparency of the acquisition process. It also highlights the dynamics of foreign investments in Namibia's oil sector, and the potential implications for future exploration and production agreements in the region. The ministry's objections suggest a need for clearer communication and adherence to legal frameworks, which are essential for maintaining trust in the oil exploration business in Namibia.