TotalEnergies has finalised an asset swap with Portuguese firm Galp, securing its role as operator of the high-potential PEL83 licence offshore Namibia, which holds the giant Mopane oil discovery.
The completion follows an agreement struck between the two companies in December 2025 and swift regulatory approval from Namibian authorities.
Under the deal, TotalEnergies acquires a 40 per cent operated interest in PEL83 from Galp. In return, Galp gains a 10 per cent participating interest in PEL56, the site of the major Venus discovery, and a 9.39 per cent stake in PEL91.
Following the transaction, TotalEnergies retains a 40 per cent operated stake in PEL83 alongside Galp (40 per cent), state oil company Namcor (10 per cent), and Custos (10 per cent). The French giant also maintains operated interests in PEL56 (35.25 per cent) and PEL91 (33.09 per cent).
The transaction positions TotalEnergies as the operator of Namibia’s two largest oil discoveries, solidifying its dominant position across the prolific Orange Basin.
“TotalEnergies’ entry as operator of the giant Mopane discovery marks a key milestone in our journey to establish a major production hub in Namibia,” said Patrick Pouyanné, Chairman and CEO of TotalEnergies.
“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.
“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 3 appraisal well campaign.”
TotalEnergies has operated in Namibia since 1964 and employs around 70 people locally.
Alongside its exploration assets, the company is the third-largest fuel retailer in the country, operating 43 service stations while exploring local low-carbon project opportunities as part of its multi-energy strategy.
