US EditionTotalEnergies in Deal for Namibia Offshore Oil Field
TotalEnergies will co-lead exploration and appraisal with Galp, financing half of its costs, aiming to develop a major oil hub with an estimated 10 billion barrels of resources.
- On Tuesday, TotalEnergies SE said it had reached a deal to become partner and take operatorship of the Mopane oil field offshore Namibia with a 40 percent stake.
- Galp Energia SGPS SA said it discovered Mopane in 2024 and last year estimated the field could contain at least 10 billion barrels in Namibia's Orange Basin, which attracted Chevron Corp. and Shell Plc.
- TotalEnergies will finance half of Galp's investment in exploration, appraisal and initial development, with repayment from future production, and the partners will launch a three-well exploration and appraisal programme starting in 2026.
- Market reaction was sharp: Galp Energia shares sank as much as 15% in Lisbon after analysts expected an outright cash acquisition rather than the swap-based deal.
- The transaction positions TotalEnergies to operate Namibia's two largest discoveries and enable a producing hub, while Galp receives a 10% stake in the Venus exploration zone as TotalEnergies aims for a final investment decision next year.
29 Articles
29 Articles
Portuguese oil will sell 40% of its discovery in the Namibian sea and buy approximately 10% of its share in oil blocks owned by the French company in the same area
The French oil major, TotalEnergies, has just made a key acquisition in the field of oil. The company consolidates its positions in Namibia, the new eldorado of the sector. TotalEnergies strengthens its anchor in Namibia On December 9, 2025, TotalEnergies announced a decisive agreement with Galp. This agreement allows it to become operator of a promising offshore deposit in Namibia, marking a rise in power in the region. Under the agreement, the…
Galp sold 40% of a oil exploration project to TotalEnergies, in an agreement involving asset exchange and cost sharing. The market reacted badly and Galp's actions fell more than 15%. The company advocates that business reduces risks and strengthens the presence in Namibia.
TotalEnergies takes over Mopane, gears up multi-well campaign in Namibia
TotalEnergies secured operatorship of the offshore PEL 83 license, which includes the big Mopane discovery, by acquiring a 40% working interest from Galp Energia. In return, Galp picks up smaller participations in PEL 56 and PEL 91, containing the Venus discovery and another deep-water prospect. Under the agreement, TotalEnergies will carry half of Galp’s near-term … The post TotalEnergies takes over Mopane, gears up multi-well campaign in Namib…
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