TotalEnergies Takes Operatorship of Namibia’s Block via Galp Asset Swap Deals
December 9, 2025
TotalEnergies and Galp have agreed to exchange stakes across three Namibian offshore licenses in a deal that places TotalEnergies as operator of the Mopane discovery while expanding Galp’s footprint in the Orange Basin and giving it exposure to the Venus development.
Under the agreement, TotalEnergies will take a 40% operated interest in Petroleum Exploration Licence (PEL) 83, where Mopane was discovered earlier in 2025.
In return, Galp will receive a 10% stake in PEL 56, home to the Venus discovery, and a 9.39% interest in PEL 91. TotalEnergies already operates Venus, the largest confirmed find in Namibia to date.
TotalEnergies’ operatorship across both Mopane and Venus consolidates its leadership in Namibia’s emerging offshore sector, positioning the French major at the centre of development planning for what could become one of the world’s most significant deepwater oil hubs.
Galp, which previously led exploration in PEL 83 with an 80% stake, said the partnership de-risks Mopane while giving the company a meaningful role in two of Namibia’s highest-potential projects. The company will retain a 40% stake in PEL 83 and will remain deeply involved in shaping the appraisal and development pathway.
As part of the agreement, TotalEnergies will carry 50% of Galp’s capital expenditure for Mopane exploration, appraisal and the first phase of development. Repayment will be made through 50% of Galp’s future cash flows from the project. Galp said this structure strengthens the project’s economic resilience and supports its long-term growth profile.
Both companies have committed to an exploration and appraisal program of at least three wells over the next two years, with a first well planned for 2026, to further derisk Mopane and progress the license toward a coordinated Orange Basin development hub.
“We are very happy to have been selected by Galp as their partner and operator for the prolific PEL83 license, including the Mopane discovery in Namibia.
“TotalEnergies will leverage its recognized operatorship track record to progress towards profitable and sustainable developments of both Venus and Mopane discoveries. By enabling the creation of a producing hub in Namibia, we aim to achieve synergies that will create long-term value for both Namibia and the stakeholders. We are eager to keep building on our collaboration with the Namibian authorities in order to deliver both developments,” said Patrick Pouyanné, Chairman and CEO of TotalEnergies.
TotalEnergies continues to mature a 160,000-barrel-per-day FPSO concept for Venus and aims for a potential final investment decision in 2026, while the new operatorship structure is expected to accelerate alignment on Mopane’s route to development.
Completion of the transactions is expected in 2026, pending approvals from Namibian authorities and joint-venture partners.
After closing, TotalEnergies will operate PEL 83 with a 40% stake alongside Galp (40%), Namcor (10%) and Custos (10%); PEL 56 with 35.25% alongside QatarEnergy (35.25%), Galp (10%), Namcor (10%) and Impact (9.5%); and PEL 91 with 33.085% alongside QatarEnergy (33.025%), Namcor (15%), Galp (9.39%) and Impact (9.5%).
