TotalEnergies acquires operatorship of Namibia’s PEL83, strengthens partnerships, and advances Mopane and Venus developments through strategic asset exchange and planned exploration program.
TotalEnergies has entered into a significant agreement with Galp Energia SGPS SA (“Galp”) that reshapes both companies’ positions across several prominent Namibian offshore licenses. Under this newly signed arrangement, TotalEnergies will acquire a 40% operated stake in Petroleum Exploration License 83 (PEL 83), which hosts the highly promising Mopane discovery. This move positions TotalEnergies as the operator of one of Namibia’s most closely watched deepwater assets, reinforcing its strategy to strengthen its exploration and development footprint in the region.
As part of the reciprocal nature of the deal, Galp will obtain from TotalEnergies a 10% participating interest in PEL56—home to the major Venus discovery—and a 9.39% participating interest in PEL91. These exchanges are designed to create a more balanced partnership structure across the exploration portfolio while aligning both companies on the long-term development of the region’s deepwater hydrocarbon resources.
A key component of the agreement is TotalEnergies’ commitment to fund 50% of Galp’s capital expenditures related to the exploration and appraisal activities for the Mopane discovery, as well as the initial development phase on PEL83. This financial carry will later be recovered through Galp’s future cash flows from the project, indicating a mutually beneficial arrangement aimed at accelerating the asset’s progression toward commercial production.
Both companies have also committed to launching an extensive exploration and appraisal program over the next two years. This campaign will include the drilling of three wells, with the first scheduled for 2026, to help reduce geological uncertainties, further delineate resource potential, and support timely development decisions for Mopane. The plan signals a proactive approach to transitioning the discovery into a viable producing asset.
Simultaneously, TotalEnergies reaffirmed its dedication to advancing the development of the Venus discovery in PEL56. As operator, the company continues to work toward fulfilling all the prerequisites needed to reach a potential final investment decision (FID) in 2026. TotalEnergies’ ongoing commitment highlights the strategic importance of Venus within its global deepwater portfolio.
Patrick Pouyanné, Chairman and CEO of TotalEnergies, expressed strong enthusiasm for the partnership, noting that being selected by Galp as operator of PEL83 underscores the confidence placed in TotalEnergies’ deepwater and exploration capabilities. He emphasized that the agreement reflects the company’s belief in Namibia’s emergence as an important future oil-producing nation. Pouyanné added that TotalEnergies plans to use its operational expertise to build efficient and sustainable developments at both Mopane and Venus, ultimately enabling the creation of a regional production hub that will benefit Namibia and all stakeholders involved.
Completion of the agreement remains subject to standard third-party approvals, including consent from Namibian authorities and joint-venture partners. Finalization is anticipated in 2026. Once the transaction closes, TotalEnergies’ interests will stand at 40% (as operator) in PEL83, 35.25% (as operator) in PEL56, and 33.085% (as operator) in PEL91, alongside respective partners including Galp, Namcor, QatarEnergy, Custos, and Impact.
