TotalEnergies has completed an asset swap with Portuguese energy company Galp, giving it operatorship of the PEL83 license offshore Namibia, which contains the Mopane oil discovery.
The two companies agreed to the transaction in December 2025, and the Namibian authorities approved the deal shortly afterwards.
Under the agreement, TotalEnergies acquired a 40 per cent operated interest in PEL83 from Galp. In exchange, Galp received a 10 per cent participating interest in PEL56, where the Venus discovery is located, as well as a 9.39 per cent stake in PEL91.
After the transaction, TotalEnergies and Galp each hold a 40 per cent interest in PEL83, while Namibia’s state-owned oil company Namcor and Custos each hold 10 per cent. TotalEnergies also continues to operate PEL56, where it holds a 35.25 per cent interest, and PEL91, where it holds a 33.09 per cent interest.
The deal makes TotalEnergies the operator of Namibia’s two largest oil discoveries and gives the company a larger role in exploration and development across the Orange Basin.
“This marks an important step towards developing a major production hub in Namibia,” said Patrick Pouyanné, Chairman and CEO of TotalEnergies.
Pouyanné said the transaction gives TotalEnergies operatorship of Namibia’s two largest oil discoveries and expands its position in the Orange Basin. He added that the company plans to begin appraisal work on opportunities around Mopane in the second half of 2026, with a final investment decision targeted for 2028 after drilling three appraisal wells.
TotalEnergies has operated in Namibia since 1964 and currently employs about 70 people in the country.
The company also operates 43 service stations in Namibia, making it the country’s third-largest fuel retailer. It is also assessing opportunities to develop lower-carbon energy projects in the country.
source: petroleumaustralia.com.au
African Energy Council