TotalEnergies Takes Control of Namibia’s Two Biggest Oil Finds in Deal with Galp

Executive Summary

On December 9, 2025, TotalEnergies signed a major agreement with Galp Energia to acquire the operatorship of the Mopane oil discovery (PEL 83) offshore Namibia. This deal consolidates TotalEnergies' position in the Orange Basin, making it the operator of Namibia’s two largest offshore discoveries: Mopane and Venus.

The transaction involves an asset swap and a financial "carry," with completion expected in 2026 pending regulatory approvals.

1. The Deal Structure (Asset Swap)

The agreement involves a strategic exchange of interests across three specific Petroleum Exploration Licenses (PEL).

Party	Receives	Gives Up
TotalEnergies	40% Operatorship in PEL 83 (Mopane)	Interest in PEL 56 & PEL 91
Galp Energia	10% Interest in PEL 56 (Venus) 9.39% Interest in PEL 91	Operatorship & 40% of PEL 83

Financial Terms:

• CAPEX Carry: TotalEnergies will pay for 50% of Galp’s capital expenditures (CAPEX) regarding exploration, appraisal, and initial development at Mopane.

• Repayment: This carry will be repaid using 50% of Galp’s future cash flows from the project.

2. Updated Ownership Structures

Following the completion of this transaction, the shareholding structure for the major licenses will be as follows:

PEL 83 (Mopane Discovery)

• TotalEnergies: 40% (Operator)

• Galp Energia: 40%

• Namcor (Namibia National Oil Co.): 10%

• Custos Energy: 10%

PEL 56 (Venus Discovery)

• TotalEnergies: 35.25% (Operator)

• QatarEnergy: 35.25%

• Galp Energia: 10%

• Namcor: 10%

• Impact Oil & Gas: 9.5%

PEL 91

• TotalEnergies: 33.085% (Operator)

• (Note: Other partners for PEL 91 were not detailed in the text, but Galp acquires a 9.39% stake here).

3. Operational Timeline & Strategy

The deal aims to accelerate the development of a central offshore production hub in the Orange Basin.

• Mopane (PEL 83):

  • Action: Launching a new exploration and appraisal campaign.

  • Scope: 3 wells to be drilled over the next 2 years.

  • Start Date: First well scheduled for 2026.

• Venus (PEL 56):

  • Status: TotalEnergies is working toward a Final Investment Decision (FID).

  • Target Date: Potential FID in 2026.

Strategic Analysis

• Consolidation: TotalEnergies effectively controls the development timeline for Namibia's oil sector by operating both significant finds. This allows for potential synergies in infrastructure and logistics between the Mopane and Venus sites.

• Risk Management: By bringing in partners and swapping assets, both companies diversify their exposure across different geological finds within the same basin.

• De-risking: The 3-well campaign at Mopane is explicitly designed to "de-risk" the resources before full-scale production begins.

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