TotalEnergies says its asset swap transaction with Galp Energia linked to Namibia’s Orange Basin is expected to close by mid-2026, consolidating the company’s operating position around its Venus and Mopane deepwater discoveries.
Arnaud Le Foll, Deputy Chief Financial Officer of TotalEnergies, said the transaction forms part of a broader strategy to structure the company’s Namibian assets into a coordinated offshore hub, with shared infrastructure and logistics planning across licences PEL 56 and PEL 83, where substantial discovered resources have already been confirmed.
“Our exploration and business development efforts in the Orange Basin have led to significant discoveries that are now forming the foundation of a new deepwater golden province for TotalEnergies. Across two licences, PL 56 and PL 83, we have already confirmed substantial discovered resources, beginning with two operated deepwater projects, Venus and Mopane,” said Le Foll.
Under the agreement, TotalEnergies will secure a 40% operated interest in PEL 83, home to the Mopane discovery, in exchange for granting Galp a 10% interest in PEL 56 and a 9.39% interest in the neighbouring PEL 91 exploration block, alongside a carry covering part of Galp’s appraisal and early development expenditures.
“Together, what we already have in our hands is 1.5 billion barrels of discovered resources forming the basis of a shared deepwater hub built around optimised logistics and economies of scale,” Le Foll said.
He said the exchange strengthens alignment across TotalEnergies’ Namibian portfolio while expanding exploration and development options, including a separate agreement to acquire a 42.5% operated interest in the PEL 104 exploration licence.
“Last December we concluded this cashless transaction with Galp, which we expect to close by the summer. This deal crystallises the value of our discoveries, strengthens our operating position, and opens new opportunities in the country. With the transaction, we secure a 40% operating interest in PL 83 while granting Galp interest in PL 56 and PL 91, reinforcing TotalEnergies as the anchor player in one of the world’s most dynamic basins,” said Le Foll.
TotalEnergies said its offshore operating experience in Africa, including multiple floating production, storage and offloading (FPSO) projects, underpins its execution model for Namibia, where Venus and Mopane are being positioned for phased development supported by shared infrastructure.
Production planning indicates a sequential ramp-up anchored by the two projects toward the end of the decade, with scaling designed around cost efficiency and coordinated basin logistics.
“With 10 FPSOs already operated across Africa and one new unit under construction, we benefit from broad deepwater project experience enabling fast and reliable execution, proven low-cost development and efficient scaling of procurement and logistics. Venus and Mopane position TotalEnergies as the reference operator in Namibia, with the objective to establish a sustainable multi-FPSO hub to maximise synergies for stakeholders,” Le Foll said.
The update follows engagements earlier this month between Galp Energia and TotalEnergies management and the Namibian government, where the companies said discussions were focused on resolving outstanding issues and defining a clear pathway for advancing their partnership and projects in the country.
According to the Presidency, this was conveyed during a courtesy visit to President Netumbo Nandi-Ndaitwah led by TotalEnergies Chairman and Chief Executive Patrick Jean Pouyanné and Galp Chairperson Paula Amorim.
The transaction remains 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.
