TotalEnergies Acquires 40% Operated Stake in Namibia's PEL83 From Galp

TotalEnergies has completed a transaction with Galp to acquire a 40 percent operated interest in Namibia's PEL83 licence, which holds the Mopane discovery. In exchange, Galp acquires interests in the PEL56 and PEL91 licences held by TotalEnergies. The deal positions TotalEnergies as operator of Namibia's two largest oil discoveries and strengthens its position in the Orange Basin, marking a key milestone in its aim to establish a major production hub in the country.

 

Details of the Transaction

 

TotalEnergies has completed a licence transaction. It concluded the deal with Galp. The transaction was originally agreed in December 2025. It concerns interests in Namibian licences. Its completion marks a significant step.

The deal centres on a key acquisition. TotalEnergies acquires a 40 percent operated interest. This is in the PEL83 licence. The licence holds the Mopane discovery. This is a major oil discovery in Namibia.

 

The Exchange of Interests

 

The transaction involves a swap of stakes. In exchange, Galp acquires interests from TotalEnergies. It gains a 10 percent interest in PEL56. This licence holds the Venus discovery. It also gains a stake in PEL91.

This reflects a mutual reshaping of holdings. Both parties adjust their licence interests. TotalEnergies gains in one licence. Galp gains in two others. This rebalances the companies' positions in Namibia.

 

The Resulting Licence Positions

 

The deal reshapes several licence holdings. TotalEnergies now holds 40 percent of PEL83. It operates this licence. Galp holds a matching 40 percent stake. Namcor and Custos hold the remainder.

TotalEnergies retains operated stakes elsewhere. It holds an operated interest in PEL56. It also operates PEL91. These sit alongside various partners. QatarEnergy features prominently among them.

 

Read More: Kongsberg Maritime to Supply Propulsion and DP Systems for Two Cadeler WTIVs

 

The Mopane Discovery

 

The transaction centres on a major asset. The Mopane discovery is described as giant. TotalEnergies' entry as operator is significant. This marks a key milestone for the company. It supports its Namibian ambitions.

The discovery is central to future plans. TotalEnergies aims to appraise it soon. Appraisal could begin in late 2026. This involves a three appraisal well campaign. A final investment decision is targeted for 2028.

 

The Strategic Rationale

 

The deal strengthens the company's position. It positions TotalEnergies as a key operator. It operates Namibia's two largest oil discoveries. This strengthens its Orange Basin position. It supports long-term value creation.

Company leadership framed the deal strategically. It thanked Namibian authorities for swift approval. It described Galp as a new partner. The deal marks a milestone toward a production hub. Exploration opportunities are lining up beyond Mopane.

 

Significance for Namibia

 

The transaction reflects Namibia's growing importance. The country has seen major oil discoveries. These are concentrated in the Orange Basin. TotalEnergies is deepening its involvement there. This underscores Namibia's rising profile.

The deal points toward future development. Appraisal work will begin soon. A production hub is the longer-term goal. This could bring significant investment to Namibia. It positions the country as an emerging oil province.