TotalEnergies has entered into an agreement to acquire a 40% operated interest in the Mopane discovery in Namibia, while Galp will gain a 10% participatory interest in the Venus discovery, enhancing both companies' positions in the country's emerging oil market.

Target Information

TotalEnergies is set to acquire a 40% operated interest in the PEL83 license, which encompasses the Mopane discovery. Simultaneously, Galp will gain a 10% participating interest in the PEL56 license, which includes the Venus discovery. This strategic transaction positions TotalEnergies as the operator of the two most significant oil discoveries in Namibia, facilitating the establishment of a major oil production hub while generating long-term value for Namibia and all involved partners.

Upon completion of the agreement, TotalEnergies will hold a 40% operated interest in PEL83, sharing the license with Galp, which also retains a 40% stake, along with Namcor and Custos, each holding 10%. Additionally, TotalEnergies will manage a 35.25% operated interest in PEL56 with partners such as QatarEnergy and Galp.

Industry Overview in Namibia

The Namibian oil and gas sector has been increasingly recognized for its potential, particularly in recent years due to substantial discoveries offshore. Notably, exploration activities have int