TotalEnergies has signed an agreement with Portuguese company Galp Energia SGPS SA to acquire a 40% operated interest in the offshore PEL83 license in Namibia. This block includes the Mopane discovery, one of the country’s most promising fields. In exchange, Galp will receive a 10% participating interest in the PEL56 license, which includes the Venus discovery, as well as a 9.39% interest in the PEL91 license.
A strategic exchange between two offshore majors
By becoming the operator of PEL83, TotalEnergies strengthens its position in Namibia, now operating the country’s two largest oil discoveries, Venus and Mopane. The French company has also agreed to finance 50% of Galp’s exploration and initial development expenditures on the PEL83 block. This funding will be reimbursed through 50% of Galp’s future cash flows from the Mopane project.
The agreement also includes a three-well exploration and appraisal campaign over the next two years, with a first well scheduled for 2026. This phase aims to reduce remaining resource uncertainties and accelerate the path to commercial production.
Towards an offshore oil hub in Namibia
The transaction is subject to regulatory approvals from Namibian authorities and joint venture partners. Completion is expected by 2026. Upon closing, the PEL83 license will be held as follows: TotalEnergies at 40%, Galp at 40%, Namcor (National Petroleum Corporation of Namibia) at 10%, and Custos Energy at 10%.
In the PEL56 license, which includes Venus, TotalEnergies will retain a 35.25% operated interest, in partnership with QatarEnergy (35.25%), Galp (10%), Namcor (10%), and Impact Oil & Gas (9.5%). For the PEL91 license, the company will hold a 33.085% operated interest, alongside QatarEnergy (33.025%), Namcor (15%), Galp (9.39%), and Impact (9.5%).
Strengthened commitment to Venus and Mopane development
TotalEnergies remains focused on advancing the development of the Venus field, with a final investment decision expected in 2026. The company aims to capitalise on synergies between the blocks to establish an integrated deepwater production hub, leveraging logistical and technical complementarities.
Namibia, previously absent from the global oil production map, is emerging as a future player in offshore development. The combined resources of Venus and Mopane could secure the country’s place on the energy landscape of southern Africa.
