Galp has agreed with TotalEnergies an exchange of shares that changes its position in three blocks in the Orange basin, Namibia. In Petroleum Exploration License No. 83 (PEL 83) — where the Mopane discovery is located — Galp maintains 40% after ceding 40% to TotalEnergies and receiving, in return, 10% in PEL 56 and 9.4% in PEL 91.
The operation guarantees continuity at Mopane and gives Galp exposure to the Venus project through participation in PEL 56 and PEL 91. With the agreement, TotalEnergies becomes the operator of PEL 83.
The understanding foresees, over the next two years, an exploration and appraisal campaign with at least three wells to reduce the risk of Mopane and enable an eventual development hub; the first well is being evaluated for 2026.
The parties also signed a financing agreement that covers 50% of Galp’s investments in the first phase of Mopane’s development — this amount will be reimbursed with 50% of Galp’s future cash flows from the project, after the first commercial oil.
As for Venus, TotalEnergies is maturing a development concept for a 160 kbpd FPSO, with a final investment decision estimated for 2026. The transaction depends on the usual approvals from the Namibian authorities and partners in joint venturesscheduled for completion in 2026.
Paula Amorim, president of Galp, revealed her satisfaction “to be associated with TotalEnergies, an operator with extensive experience in ultra deepwaterand for aligning a concrete path to de-risk Mopane”, adding that “we have expanded our presence in the prolific Orange basin, reinforcing our commitment to the development of Namibia’s oil and gas industry and strengthening the portfolio upstream with high potential projects, such as Venus”.