TotalEnergies and Galp Energia SGPS SA have entered into a deal under which TotalEnergies will acquire a 40 percent operating stake in the block containing the Mopane discoveries and Galp will obtain a 10 percent interest in the Venus discovery license, both on Namibia’s side of the Orange Basin.
Currently Portugal’s Galp operates Petroleum Exploration License (PEL) 83, which includes Mopane, with an 80 percent stake. The National Petroleum Corporation of Namibia (Namcor) owns 10 percent. Local player Custos Energy (Pty) Ltd holds 10 percent.
In PEL56 France’s TotalEnergies has a 45.25 percent operating stake. State-owned QatarEnergy owns 35.25 percent. Namcor owns 10 percent. London-based Impact Oil & Gas Ltd owns 9.5 percent.
After the completion of the transaction, subject to approvals from Namibian authorities and their partners in the PELs, Galp would retain 40 percent in PEL83 and TotalEnergies would keep operatorship and a 35.25 percent stake in PEL56.
Galp would also receive a 9.4 percent stake in PEL 91, also in the Namibian Orange Basin. Operator TotalEnergies would keep a 33.09 percent stake. QatarEnergy owns 33.03 percent, Namcor 15 percent and Impact 9.5 percent.
“The transaction positions TotalEnergies as the operator of the two largest oil discoveries in Namibia and opens the way for the development of a major producing hub, generating long-term value for the country and partners”, TotalEnergies said in an online statement.
Galp has announced five discoveries in PEL83’s Mopane area. Mopane-1X, Mopane-2X, appraisal well Mopane-1A and appraisal well Mopane 2A were proven 2024. Mopane-3X was proven 2025.
In PEL56, TotalEnergies announced a “significant discovery” through the Venus 1-X well on February 24, 2022.
“TotalEnergies and Galp agreed to launch an exploration and appraisal campaign including three wells over the next two years, with a first well planned in 2026, to further derisk resources and progress diligently toward the development of the Mopane discovery”, TotalEnergies said.
“Concurrently, TotalEnergies, operator of PEL56, remains fully committed to the development of the Venus discovery and is working to secure all conditions enabling a potential final investment decision in 2026”.
“TotalEnergies will carry 50 percent of Galp’s capital expenditures for the exploration and appraisal of the Mopane discovery and the first development on PEL83. The carry will be repaid through 50 percent of Galp’s future cash flows from the project”, it said.
The transaction demonstrates “the strong confidence of TotalEnergies towards Namibia as a future oil-producing country”, said TotalEnergies chief executive Patrick Pouyanné.
Galp chair Paula Amorim said separately, “After Galp’s remarkable exploratory efforts in Namibia, leading PEL 83 with an 80 percent stake, we are happy to partner with TotalEnergies, a highly experienced ultra deepwater operator, and significantly derisk Mopane by aligning a concrete path forward for the asset”.
“We expand our footprint in Namibia’s prolific Orange Basin, reinforcing our commitment to the development of the country’s oil and gas industry, whilst strengthening our upstream portfolio with high-potential projects, such as Venus, which will further support Galp’s continued growth profile”, Amorim added.
To contact the author, email jov.onsat@rigzone.com
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