TotalEnergies has completed its entry as operator of Namibia’s Petroleum Exploration Licence 83 (PEL83), securing a 40% operated interest in the Mopane oil discovery as it targets a final investment decision (FID) on the project in 2028.
The transaction, originally agreed with Galp in December 2025, gives TotalEnergies a 40% operated interest in PEL83, alongside Galp with 40%, the National Petroleum Corporation of Namibia (Namcor) with 10% and Custos with 10%.
TotalEnergies plans to begin appraising Mopane as early as the second half of 2026 through a three-well appraisal campaign, which will inform a potential FID in 2028.
TotalEnergies Chairman and Chief Executive Officer Patrick Pouyanné said taking operatorship of Mopane strengthens the company’s position in Namibia’s Orange Basin and gives it operatorship of the country’s two largest oil discoveries.
“This transaction positions TotalEnergies as the operator of Namibia’s two largest oil discoveries and strengthens its position in the Orange Basin, supporting the long-term value creation from prolific licences,” Pouyanné said.
“Exploration opportunities are already lining up beyond the Mopane development, which we will start appraising as early as the second half of 2026, aiming at taking the FID of the project in 2028, after a three-appraisal-well campaign.”
The transaction forms part of a strategic asset swap between TotalEnergies and Galp involving interests across several Namibian offshore licences.
Under the agreement, Galp acquired a 10% participating interest from TotalEnergies in PEL56, which contains the Venus discovery, as well as a 9.39% participating interest in PEL91.
Following completion, TotalEnergies holds a 35.25% operated interest in PEL56, alongside QatarEnergy with 35.25%, Galp with 10%, Namcor with 10% and Impact with 9.5%.
In PEL91, TotalEnergies holds a 33.09% operated interest, alongside QatarEnergy with 33.03%, Namcor with 15%, Impact with 9.5% and Galp with 9.39%.
The transaction also builds on an agreement under which TotalEnergies committed to fund 50% of Galp’s expenditure on the exploration, appraisal and first development of Mopane. The funding will be repaid through 50% of Galp’s future cash flows from the project.
TotalEnergies said its partnership with Galp is aimed at supporting the long-term development of Mopane and establishing a major production hub while generating value for Namibia and the project partners.
The company has operated in Namibia since 1964 and currently employs about 70 people in the country. It is also Namibia’s third-largest fuel distributor, operating 43 service stations.
Beyond oil and gas, TotalEnergies said it is pursuing low-carbon project opportunities in Namibia as part of its multi-energy strategy.
TotalEnergies currently operates PEL56, PEL83 and PEL91 and is progressing the completion of its entry as operator of PEL104.
