Galp has partnered with TotalEnergies to exchange interests in various exploration blocks in Namibia, enhancing its portfolio and mitigating risks associated with the Mopane and Venus discoveries.

Target Information

Galp has entered into an agreement with TotalEnergies to exchange a 40% participating interest in PEL 83, where the Mopane discovery is located. In return, Galp will receive a 10% interest in PEL 56, which includes the Venus discovery, and a 9.4% interest in PEL 91. TotalEnergies, as the operator of both PEL 56 and PEL 91, will assume operatorship of PEL 83, while Galp will maintain its 40% stake in PEL 83 and ensure continued development of the Mopane asset.

Under this agreement, Galp has committed to an exploration and appraisal campaign involving at least three wells over the next two years to further de-risk the Mopane block and enable the establishment of a development hub. The initial exploratory well is projected to be assessed for drilling in 2026, aligning with the overall strategic objectives of both companies.

Industry Overview in Namibia

The oil and gas industry in Namibia has been gaining momentum, characterized by significant exploration and potential discoveries throughout the Orange basin. This region is recognized for its high hydrocarbon potential, attracting substantial in