The Namibian Government has approved TotalEnergies’ proposed offshore licence transaction with Galp Energia, clearing the way for the companies to finalise the deal as TotalEnergies moves closer to taking a final investment decision on the Venus oil development.
TotalEnergies Chief Executive Officer Patrick Pouyanné said the approval was granted by Namibia’s Ministry of Industries, Mines and Energy last week, with the transaction expected to be concluded within days.
“We received approval by the end of last week. We received approval from the Ministry of Energy of Namibia on the Venus project; we are finalising the last steps to close the deal tonight or tomorrow,” Pouyanné said.
The transaction involves an exchange of participating interests in Petroleum Exploration Licences (PEL) 83, 56 and 91 between TotalEnergies EP Namibia B.V. and Windhoek PEL 28 B.V., a wholly owned subsidiary of Portuguese energy company Galp Energia.
The approval comes as TotalEnergies continues discussions with the Namibian Government and its consortium partners ahead of a final investment decision (FID) on the Venus development.
Pouyanné said the company aims to conclude the remaining discussions by the end of July or shortly thereafter and remains ready to sanction the project once outstanding matters with the government have been resolved.
“We are ready to declare FID subject to finalising the discussions with the Namibian government. We are optimistic that the remaining matters with the Namibian authorities can be resolved to support us as the operator and create greater synergies between the projects,” he said.
The Venus discovery is regarded as one of Namibia’s most significant offshore oil finds and is expected to underpin the country’s emergence as a major oil producer later this decade.
Following completion of the transaction, TotalEnergies will also accelerate appraisal of the Mopane discovery in PEL 83. Pouyanné said additional appraisal wells will be drilled to determine the size of the resource before a separate investment decision, currently targeted around 2028.
“The next step is to appraise Mopane. We have a few wells planned, and FID will be around 2028. With this momentum, Namibia is becoming a future hub for growth beyond 2030,” he said.
The transaction covers some of Namibia’s most prospective offshore acreage. PEL 83 hosts the Mopane discovery, while PELs 56 and 91 contain the Venus discovery.
PEL 83 is currently held by Galp (40%), TotalEnergies (40%), Namcor (10%) and Custos Energy (10%). TotalEnergies became co-operator of the licence after acquiring a 40% operated interest from Galp in December 2025.
Under the proposed transaction, TotalEnergies will increase its exposure to the Mopane discovery in PEL 83, while Galp will acquire interests in PELs 56 and 91, where TotalEnergies has led exploration activities following the Venus discovery.
