Brazil’s Petrobras and France’s TotalEnergies have each taken a 42.5 per cent stake in an offshore oil exploration block in Namibia, Reuters reported. TotalEnergies will operate the asset, while the financial terms of the deal were not disclosed.

TotalEnergies will operate the asset, while Petrobras described the transaction as part of its efforts to expand reserves by pursuing new exploration opportunities in Africa. The Brazilian state-run group did not disclose the financial terms of the deal.

The acquisition signals Petrobras’ re-entry into Namibia. “This acquisition marks Petrobras’ return to Namibia and is aligned with the company’s long-term strategy,” the company said, noting that the move is consistent with its 2026 to 2030 business plan.

As part of the agreement, Eight will retain a 5 per cent interest in the block and Namcor Exploration and Production will hold 10 per cent. Maravilla Oil & Gas is divesting its stake, Petrobras said.

Petrobras chief executive Magda Chambriard told Reuters last year that the company intends to position Africa as its main development region outside Brazil, identifying Namibia, Angola and Nigeria as priority countries as it seeks to boost reserves.

The renewed focus on Africa represents a shift in direction under President Luiz Inacio Lula da Silva. Previous administrations had overseen asset sales in the region as Petrobras concentrated investment on Brazil’s high-productivity pre-salt fields.