The Namibian government has given its final approval for TotalEnergies to take over as operator of petroleum exploration licence (PEL) 83, home to the Mopane discovery.
Total announced the completion of the transaction on Thursday.
“We would like to thank the Namibian authorities for their swift approval of this strategic transaction with Galp, our new partner in Namibia. TotalEnergies’ entry as operator of the giant Mopane discovery marks a key milestone in our journey to establish a major production hub in Namibia,” Total chief executive Patrick Pouyanné says in Thursday’s press release.
The French international oil company now owns 40% of the oil block, with former operator Galp Energia keeping 40%.
Through the transaction, Galp now also holds 10% of the oil block with the Venus discovery and 9.39% of neighbouring PEL 91.
“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,” Pouyanné says.
He adds that the company would begin a three-well appraisal campaign and aim to take a final investment decision on the Mopane project in 2028.
