Galp Energia collaborates with TotalEnergies in a significant exchange of interests, enhancing their positions in Namibia's promising Orange Basin.

Information on the Target

Galp Energia SGPS SA, a prominent Portuguese energy company, is engaged in an exchange of participating interests with TotalEnergies SE in Namibia's Orange Basin. This strategic transaction involves Galp Energia transferring its 40% stake in Petroleum Exploration License PEL83, which encompasses the Mopane oil field, in exchange for TotalEnergies' 10% interest in PEL56 and a 9.39% interest in PEL91, which contain the Venus oil field. This agreement marks a significant development, as it focuses on two of the most notable oil discoveries in Namibia.

The collaboration leverages the strengths of both energy giants to fully unlock the potential resources within the Mopane and Venus fields. Additionally, as part of the agreement, TotalEnergies will take over operatorship of PEL83 and assist Galp Energia in conducting an exploration and appraisal campaign, with a focus on drilling at least three wells over the next two years.

Industry Overview in Namibia

The Namibian oil and gas sector is witnessing significant transformation, driven by extensive exploration and recent oil discoveries in the Orange Basin. The government's focus on attracting foreign investment and promoting explorati