Galp Energia is targeting the fourth quarter of 2026 to begin its next exploration and appraisal drilling campaign at the Mopane discovery after completing a strategic transaction with TotalEnergies that expands its Namibian offshore portfolio from one block to three licences.
Galp Executive Vice President of Upstream Nuno Holbech Bastos said the transaction gives the Portuguese energy company exposure to both Mopane and Venus, two of Namibia’s major offshore oil discoveries, as the partners move towards their next phase of exploration and development.
“Today marks a major milestone for Galp’s upstream portfolio,” Bastos said.
“We have successfully completed our strategic partnership with TotalEnergies, transforming our footprint in Namibia from one offshore block into a diversified portfolio across three distinct licences.”
The transaction involves an exchange of participating interests between TotalEnergies EP Namibia B.V. and Windhoek PEL 28 B.V., a wholly owned subsidiary of Galp, across Petroleum Exploration Licences (PEL) 83, 56 and 91.
The Namibian Government has approved the transaction, clearing the regulatory hurdle for the companies to complete the deal.
PEL 83 hosts Galp’s Mopane discovery in the Orange Basin, while PELs 56 and 91 contain the TotalEnergies-led Venus discovery.
Galp retains a 40% interest in PEL 83, where TotalEnergies also holds 40%, while Namcor and Custos Energy each hold 10%.
TotalEnergies became co-operator of PEL 83 after acquiring a 40% operated interest from Galp in December 2025.
Bastos said Galp’s acquisition of interests in PELs 56 and 91 gives the company direct exposure to Venus, which is further advanced towards development.
“While Galp retains a 40% interest in PEL 83, home to our world-class Mopane discovery, we are strategically expanding our exposure,” he said.
“By adding key interests in PEL 56 and PEL 91, Galp gains a direct stake in Venus, Namibia’s most advanced deepwater project.”
Galp is now preparing to return to drilling at Mopane, with the next exploration and appraisal campaign scheduled to start in the fourth quarter of 2026.
“The path ahead is clear and execution focused. Our next exploration and appraisal campaign at Mopane is planned to start in Q4 2026, while Venus continues progressing towards a final investment decision,” Bastos said.
The drilling campaign will be critical to further defining the scale and commercial potential of Mopane as the partners assess options for moving the discovery towards development.
At the same time, TotalEnergies is advancing Venus towards a final investment decision, potentially making it one of Namibia’s first major offshore oil developments.
Bastos said the companies are working with the Namibian Government to move the discoveries towards production.
“We remain fully aligned in our shared ambition to transition these discoveries into production as safely and efficiently as possible,” he said.
“Namibia is pivotal to Galp’s Upstream growth story, and we look forward to the next chapter.”
The transaction places Galp across three offshore licences containing two of Namibia’s most significant discoveries, strengthening the company’s position in the country as exploration shifts increasingly towards appraisal and potential development.
