By Ejekwu Chdiebere
Energy Window International (Media) learnt that,
- Under this agreement, TotalEnergies will acquire a 40% operated interest in PEL83 license holding the Mopane discovery, while Galp will acquire a 10% participating interest in PEL56 license holding the Venus discovery.
- The transaction positions TotalEnergies as the operator of the two largest oil discoveries in Namibia and opens the way for the development of a major producing hub, generating long-term value for the country and partners.
TotalEnergies says it has reached an agreement with Galp to launch an exploration and appraisal campaign including three wells over the next two years, with a first well planned in 2026, to further derisk resources and progress diligently toward the development of the Mopane discovery.
TotalEnergies, operator of PEL56 concurrently, says it is fully committed to the development of the Venus discovery, adding that it is making every effort to secure all conditions enabling a potential final investment decision in 2026.
Patrick Pouyanné, Chairman and CEO of TotalEnergies said: “We are very happy to have been selected by Galp as their partner and operator for the prolific PEL83 license, including the Mopane discovery in Namibia. This is a strong recognition of the exploration and deepwater competences of TotalEnergies teams. This transaction demonstrates also the strong confidence of TotalEnergies towards Namibia as a future oil producing country. TotalEnergies will leverage its recognized operatorship track record to progress towards profitable and sustainable developments of both Venus and Mopane discoveries. By enabling the creation of a producing hub in Namibia, we aim to achieve synergies that will create long-term value for both Namibia and the stakeholders.”
“We are eager”, says Patrick, “to keep building on our collaboration with the Namibian authorities in order to deliver both developments.”
However, and according to the Company’s email statement to Energy Window International (Media), completion of the transaction is subject to customary third party approvals from the Nambian authorities and joint ventures parties, with completion expected to occur in 2026.
And upon completion of the transaction, TotalEnergies says it will own:
- a 40% operated interest in PEL83 alongside Galp (40%), Namcor (10%) and Custos (10%);
- a 35.25% operated interest in PEL56 alongside QatarEnergy (35.25%), Galp (10%), Namcor (10%) and Impact (9.5%);
- a 33.085% operated interest in PEL91 alongside QatarEnergy (33.025%), Namcor (15%), Galp (9.39%) and Impact (9.5%).
TotalEnergies says it has started operation in Namibia since 1964, and employs 55 people. It also said it is the 4th largest fuel distributor in the country, with 43 service stations, and still looking for local opportunities to develop low carbon projects in the country.