Global energy major Galp Energia invested approximately N$20 million (€1 million) in its Namibian upstream operations during the first quarter of 2026, as it prepares for its next phase of activity in the Orange Basin.
The figures, released in the company’s Q1 2026 results on Monday, reflect a period of steady groundwork as the operator gears up for further exploration and appraisal activity offshore Namibia.
According to the report, the capital was mainly directed towards exploration and appraisal activities.
“During the three-month period, the Group has made tangible and intangible investments amounting to €207 million, of which upstream investments in the amount of €118 million, essentially related to projects in Brazil (€117 million) and Namibia (€1 million), Industrial & Midstream €52 million, Renewables €24 million, Commercial €6 million and Corporate €7 million. The additions to tangible assets for the three-month period ended 31 March 2026 also include the capitalisation of financial charges amounting to €4 million,” the report said.
Galp Energia confirmed that preparations are underway for its next exploration and appraisal campaign in Namibia, which is scheduled to begin later this year.
“We are advancing preparations for our next exploration and appraisal campaign in Namibia, scheduled to begin later this year,” said the company’s co-chief executives, Maria João Carioca and João Marques da Silva.
The latest investment follows a realignment of Galp’s footprint in Namibia’s Orange Basin.
Subject to customary third-party approvals and deal completion, Galp Energia is expanding its presence through an asset swap and partnership agreement with TotalEnergies.
Under the agreement, Galp will transfer operatorship of Petroleum Exploration Licence 83 (PEL 83), home to the Mopane discovery, to TotalEnergies while retaining a 40% stake in the block.
In return, the company will acquire a 10% stake in PEL 56, which includes the Venus discovery, and a 9.4% interest in PEL 91.
Galp has also secured a funding agreement for PEL 83, under which TotalEnergies will carry 50% of Galp’s future exploration, appraisal and development capital expenditure.
The financial arrangement extends through a potential first development and until the achievement of first oil, significantly reducing the project’s financial risk for Galp.
The company’s revised Namibian upstream portfolio now spans three key blocks in the Orange Basin, all currently in the exploration and appraisal phase and located in deep to ultra-deep waters.
In PEL 83, TotalEnergies will operate the block with a 40% stake, alongside Galp Energia (40%), NAMCOR (10%) and Custos Energy (10%).
In PEL 56, TotalEnergies and QatarEnergy each hold a 35.25% stake, while Galp and NAMCOR each hold 10%, and Impact Oil & Gas holds 9.5%.
In PEL 91, TotalEnergies remains operator with a 33.085% stake, alongside QatarEnergy (33.025%), NAMCOR (15%), Impact Oil & Gas (9.5%) and Galp Energia (9.39%).
