The Namibian government has yet to approve a proposed exchange of offshore petroleum exploration interests between TotalEnergies and Galp, despite the transaction receiving clearance from the Namibian Competition Commission (NaCC).
The Presidency told Namibia Mining & Energy that the deal remains under consideration by the Minister of Industries, Mines and Energy, Modestus Amutse, whose approval is required before the transaction can be completed.
The proposed 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.
According to the NaCC, the transaction involves the transfer of participating interests in PEL 83 in exchange for non-controlling interests in PEL 56 and PEL 91.
“The Commission resolved to approve without conditions the transaction that involves the indivisible transfer of participating interests in the rights and obligations of Petroleum Exploration Licence Number (PEL) 0083 in exchange for non-controlling participating interests in the rights and obligations in PEL 56 and PEL 91,” the competition regulator said.
The Commission concluded that the transaction would not substantially lessen competition in Namibia’s upstream oil and gas sector, despite creating a horizontal overlap between the two companies.
“The Commission found the proposed transaction unlikely to result in the prevention or substantial lessening of competition, or in any undertaking acquiring or strengthening a dominant position in the market, and did not raise any public interest concerns,” the regulator said.
The transaction is significant because it involves some of Namibia’s most prospective offshore petroleum assets, including PEL 83, which hosts the Mopane oil discovery, and PEL 56 and PEL 91, which contain the Venus oil discovery.
PEL 83 is currently held by a joint venture comprising Galp with a 40% interest, TotalEnergies with 40%, Namcor with 10% and Custos Energy with 10%.
TotalEnergies became co-operator of the licence after acquiring a 40% operated interest from Galp in December 2025.
Under the proposed arrangement, TotalEnergies would increase its exposure to the Mopane discovery in PEL 83, while Galp would gain interests in PEL 56 and PEL 91, where TotalEnergies has been leading exploration activities following the Venus discovery.
The transaction forms part of a broader portfolio realignment by the two international energy companies as they seek to optimise their positions across Namibia’s rapidly emerging offshore oil basin.
While competition concerns have been cleared, the transaction cannot proceed until the Ministry of Industries, Mines and Energy grants final approval.
