TotalEnergies will acquire a 40% participating interest and operatorship in Namibia’s petroleum exploration licence (PEL) 83 as part of an asset swap with Portugal’s Galp.
The companies made the announcement on Tuesday.
According to a statement issued by Galp, under the agreement Galp will reduce its holding in PEL83 from 80% to 40%, while TotalEnergies will cover half of Galp’s investment costs related to exploration, appraisal and development activities at Mopane.
In return, Galp will acquire a 10% stake in PEL56, and a 9.4% interest in PEL91 which are both operated by TotalEnergies.
Galp chairman Paula Amorim says the partnership marks a strategic shift following its recent successes in Namibia.
“After Galp’s remarkable exploratory efforts in Namibia, leading PEL83 with an 80% stake, we are happy to partner with TotalEnergies, a highly experienced ultra-deepwater operator, and significantly de-risk Mopane by aligning a concrete path forward for the asset,” Amorim says.
The first potential well is being assessed for 2026.
The transaction remains subject to government, regulatory and joint-venture partner approvals, expected in 2026.
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