Sintana Energy Inc (TSX-V:SEI, OTCQB:SEUSF) CEO Robert Bose talked with Proactive about the latest developments related to PEL 83 following the announcement that TotalEnergies will enter the project as operator.
Bose explained that the transaction marks a significant step forward for the block, which sits at the heart of Namibia’s Orange Basin.
“Total is debatably the best deepwater operator on the planet,” Bose said, highlighting the scale of technical and financial capacity now committed to the asset.
He reminded viewers that PEL 83 includes multiple discoveries at MOPANE, a series of stacked reservoirs that have drawn considerable market attention.
Under the existing ownership structure, Galp holds 80%, the local affiliate in which Sintana owns 49% holds 10%, and NAMCOR holds 10%.
Bose noted that TotalEnergies will assume operatorship in exchange for a 40% interest, a move that he said represents a substantial enhancement of the project’s capability set.
He added that TotalEnergies has committed to fund 75% of the capital required to reach first oil, a development that he believes materially strengthens the value of Sintana's carried interest.
Bose said the overall capital envelope could exceed “10 or $11 billion,” underscoring the scale of the opportunity.
Bose also commented that the addition of TotalEnergies provides greater visibility to investors, helping the market better understand long-anticipated elements of the project.