French energy major TotalEnergies is targeting a final investment decision (FID) in 2028 for its Mopane oil development offshore Namibia, positioning the project as a key pillar of its long-term deepwater strategy in the Orange Basin.
Deputy Chief Financial Officer Arnaud Le Foll said the company’s exploration and business development activities in Namibia’s offshore basin have already delivered significant discoveries that are laying the foundation for a new deepwater production hub.
“Our exploration and business development efforts in the Orange Basin have led to significant discoveries that are now forming the foundation of a new deepwater golden province for TotalEnergies,” Le Foll said.
Across petroleum licences PEL 56 and PEL 83, TotalEnergies has confirmed approximately 1.5 billion barrels of discovered resources, anchored by the Venus and Mopane projects.
“Together, what we already have in hand is 1.5 billion barrels of discovered resources, and we see major additional prospects currently being matured,” he said.
The Mopane field, located in PEL 83, is estimated to contain between 800 million and 1.1 billion barrels of recoverable resources, with planned production expected to exceed 200,000 barrels per day once developed.
“With a potential FID in 2028, Mopane is the second pillar of our Namibia strategy and will contribute significantly to production beyond 2030,” Le Foll said.
TotalEnergies plans to undertake further exploration and appraisal drilling during 2026 and 2027, including extension wells and additional appraisal wells aimed at refining the development concept and confirming the scale of the project’s first phase.
The Mopane development is expected to benefit from operational synergies with the nearby Venus project, which is targeting a final investment decision by mid-2026 and first oil production in 2030.
“We want to establish a sustainable multi-FPSO hub in Namibia to maximise synergies for the benefit of all stakeholders,” Le Foll said.
The company expects Venus and Mopane to ramp up sequentially from 2030, reaching combined production of about 350,000 barrels per day, with further upside potential thereafter.
For Namibia, the developments represent a significant step towards establishing a domestic oil industry.
“They represent the first steps towards establishing a domestic oil industry in the country,” Le Foll said.
Meanwhile, TotalEnergies’ asset swap transaction with Galp Energia linked to Namibia’s Orange Basin is expected to close by mid-2026, consolidating the company’s operating position around its key deepwater discoveries.
Under the agreement, TotalEnergies will secure a 40% operated interest in PEL 83, which hosts the Mopane discovery, in exchange for granting Galp a 10% interest in PEL 56 and a 9.39% interest in the neighbouring PEL 91 exploration block, alongside a carry covering part of Galp’s appraisal and early development costs.
Le Foll said the transaction forms part of a broader strategy to structure TotalEnergies’ Namibian assets into a coordinated offshore hub supported by shared infrastructure and integrated logistics across the licences.
“Together, what we already have in our hands is 1.5 billion barrels of discovered resources forming the basis of a shared deepwater hub built around optimised logistics and economies of scale,” he said.
