Galp has partnered with TotalEnergies to exchange a 40% stake in Namibia's PEL 83 for interests in two additional blocks, thereby expanding their operational footprint and enhancing risk management in the region.

Target Information

Galp, a key player in the energy sector, has established a strategic partnership with TotalEnergies concerning Namibia's PEL 83 area. Under this agreement, TotalEnergies will acquire a 40% interest in PEL 83, where Galp currently holds an 80% stake. In addition to retaining a 40% share in this block, Galp will also acquire a 10% share in PEL 56, home to the Venus discovery, and a 9.4% share in PEL 91. This collaboration aims to expand Galp's footprint in the offshore Orange Basin in Namibia while leveraging TotalEnergies' expertise in deep-water operations.

The agreement stipulates that TotalEnergies will also become the operator of PEL 83 and cover 50% of Galp's investment costs related to exploration, evaluation, and development activities in the Mopane field. Both companies have committed to initiating an exploration and evaluation campaign in PEL 83, consisting of at least three wells over the next two years, significantly enhancing the development prospects of the block.

Industry Overview in Namibia

The Namibian energy sector has seen considerable growth in recent years, driven by significant offshore oil and gas discoveries. The Orange Basin, in particular, has emerged as a focal point for exploration and investment, attracting global energy