Galp Energia and TotalEnergies have told the Namibian government that their current engagements are focused on resolving outstanding issues and defining a clear pathway for advancing their partnership and projects in the country.
The companies said the discussions are aimed at ensuring regulatory clarity and mutual understanding as they work to operationalise their cooperation and move projects forward.
This was conveyed during a courtesy visit to President Netumbo Nandi-Ndaitwah by Galp and TotalEnergies management, led by TotalEnergies Chairman and Chief Executive Patrick Jean Pouyanné and Galp Chairperson Paula Amorim, according to the Presidency.
“We are here to present this partnership and to speak about the path forward. We need to be diligent, and it is important for all of us to clarify what still needs to be settled in order to move ahead,” Amorim said.
President Nandi-Ndaitwah welcomed the engagement and reiterated that Namibia remains open to investment, provided projects are pursued on the basis of mutual understanding and in line with national laws.
“Namibia is open to investors, and we must proceed on the basis of mutual understanding. You are welcome,” the President said.
Pouyanné said TotalEnergies is coordinating its internal teams to support the partnership and advance project execution.
“We are working to mobilise and align our teams to drive these projects forward,” he said.
For the Venus project, the partners said work is under way to secure the conditions required for a potential final investment decision in 2026, supported by a defined development concept. At Mopane, an exploration and appraisal programme of at least three wells is planned to commence in 2026 to further assess the resource base and advance the project towards development.
The engagement follows a transaction announced in December last year, under which Galp agreed to exchange a 40% participating interest in PEL 83, which hosts the Mopane discovery, for a 10% stake in PEL 56, home to the Venus discovery, and a 9.4% interest in PEL 91.
Under the deal, TotalEnergies, which already operates PEL 56 and PEL 91, will assume operatorship of PEL 83, while Galp will retain a 40% interest in the block, ensuring continued alignment on advancing Mopane.
The transaction is subject to approvals from Namibian authorities and joint venture partners, with completion targeted for 2026. Upon completion, Galp and TotalEnergies will each hold 40% of PEL 83, with NAMCOR and Custos Energy retaining 10% each.
Both companies have committed to an exploration and appraisal programme of at least three wells over the next two years to further de-risk the block and prepare for a development hub, with the first potential well under consideration for 2026.
The partners have also signed a funding agreement under which TotalEnergies will carry 50% of Galp’s investment in the initial Mopane development. Galp will repay this carry from 50% of its future cash flows once commercial oil production begins.
Amorim said in December that Galp’s entry into PEL 56 and PEL 91 provides exposure to the Venus development, where TotalEnergies is advancing plans for a 160,000-barrels-per-day floating production, storage and offloading vessel, with a final investment decision expected in 2026.
