KEY POINTS
- TotalEnergies has completed its acquisition of a 40% operated stake in Namibia’s PEL83 licence containing the Mopane discovery.
- The company plans three appraisal wells from the second half of 2026 and is targeting a final investment decision in 2028.
- The transaction strengthens TotalEnergies’ position as operator of Namibia’s two largest oil discoveries, Mopane and Venus.
TotalEnergies has completed its acquisition of a 40% operated interest in Namibia’s PEL83 licence, strengthening its position in the country’s emerging oil industry and giving the French energy major operatorship of the licence containing the giant Mopane discovery.
The transaction, agreed with Galp in December 2025, was completed following approval by Namibian authorities. It represents a significant step in TotalEnergies’ strategy to develop Namibia into a major oil-producing hub while expanding its footprint in the Orange Basin.
Under the completed transaction, TotalEnergies has acquired a 40% operated interest in PEL83, which contains the Mopane discovery. Galp will retain a 40% participating interest, while Namibia’s national oil company Namcor and Custos each hold 10%.
Mopane is regarded as one of Namibia’s most significant oil discoveries and is central to efforts to establish a commercially viable offshore petroleum industry in the country.
The transaction makes TotalEnergies the operator of the licence and places the company in a leading position to determine the pace and direction of appraisal and potential development activities.
Galp Expands Position in Other Namibia Discoveries
As part of the wider transaction, Galp has acquired a 10% participating interest in TotalEnergies’ PEL56 licence, which contains the Venus discovery.
Following the deal, TotalEnergies holds a 35.25% operated interest in PEL56, alongside QatarEnergy with 35.25%, Galp with 10%, Namcor with 10% and Impact with 9.5%.
Galp has also acquired a 9.39% participating interest in PEL91. TotalEnergies retains operatorship with a 33.09% stake, while QatarEnergy holds 33.03%, Namcor 15%, Impact 9.5% and Galp 9.39%.
The restructuring gives both companies stronger positions across some of Namibia’s most promising offshore petroleum assets.
TotalEnergies chairperson and CEO Patrick Pouyanné described the completion of the transaction as an important milestone in the company’s Namibian operations.
According to Pouyanné, becoming operator of Mopane will help TotalEnergies establish what it hopes will become a major production hub in Namibia. He also said the transaction strengthens the company’s position in the Orange Basin, an increasingly important frontier for oil and gas exploration.
The company is already preparing for the next phase of work on Mopane, with additional appraisal activities expected to begin in the second half of 2026.
TotalEnergies plans to conduct a three-well appraisal campaign to further assess the Mopane discovery and determine its commercial potential.
The company is targeting a final investment decision on the project in 2028, subject to the outcome of the appraisal programme and other development considerations.
Beyond Mopane, TotalEnergies said additional exploration opportunities are being lined up in the area, suggesting that the company sees potential for a broader development programme rather than a single-field project.
