Namibia’s Ministry of Industries, Mines and Energy has approved TotalEnergies’ acquisition of a 40% interest and operatorship in Galp Energia’s Mopane oil discovery in the Orange Basin. The approval allows the French energy company to expand its offshore portfolio while moving closer to a final investment decision for the Venus development.
The approval enables TotalEnergies to take over operatorship of the Mopane discovery from Galp Energia. As part of the agreement, Galp will receive a 10% interest in TotalEnergies’ Venus project, one of Namibia’s largest offshore oil discoveries.
The transaction represents another step in the growth of Namibia’s offshore petroleum industry. Recent discoveries have attracted international investment and strengthened the country’s position as an emerging offshore oil producer.
TotalEnergies already leads the development of the Venus discovery. The Mopane acquisition will further expand the company’s presence in the Orange Basin.
During TotalEnergies’ earnings call on 23 July 2026, Chief Financial Officer Jean-Pierre Sbraire confirmed that the Namibian government approved the transaction during the week ending 17 July 2026.
He said the partners were completing the remaining documentation needed to finalize the agreement.
Sbraire said operating both the Venus and Mopane developments is strategically important for TotalEnergies and will help advance the Venus project towards a final investment decision.
“There are intense discussions as well. We have a joint target between the Government of Namibia and the consortium to sanction it by the end of July,” he said.
He added that discussions were progressing well but noted that more time could still be needed before the final investment decision is approved.
“Technically, I think we have selected all contractors, so we are ready to take the FID, subject to finalizing discussions with the Government of Namibia,” Sbraire said.
He also said the July 2026 target for the Venus final investment decision was not fixed and that further progress was still required before the project could receive approval.
Despite this, Sbraire said he remained confident that all parties were committed to advancing the project.
He said the Namibian government has supported the appointment of a single experienced operator to improve operational coordination between the Venus and Mopane developments.
Looking ahead, Sbraire said the next stage after completing the Mopane transaction will be the appraisal program, with three appraisal wells scheduled for 2027.
The partners currently expect to reach a final investment decision for the Mopane development in 2028.
The agreement also allows Galp Energia to maintain its long-term presence in Namibia’s offshore sector through its minority interest in the Venus project.
Industry observers say the approval provides another positive signal to international investors by showing Namibia’s continued support for responsible resource development and long-term partnerships with major international energy companies.
As exploration and development activities continue to expand, the Orange Basin is expected to play a larger role in Africa’s energy sector. TotalEnergies has identified Namibia as an important part of its long-term growth strategy beyond 2030.
source: informante.web.na
African Energy Council