TotalEnergies augments its oil portfolio offshore Namibia through deal with Galp

December 9, 2025, by Melisa Cavcic

French energy giant TotalEnergies has shaken hands with Portugal’s oil and gas company Galp on a deal that will enable it to enter the PEL 83 license, encompassing an oil discovery off the coast of Namibia, by taking over the operator baton. Galp is getting a minor stake in the French player’s giant black gold discovery as part of this deal.

TotalEnergies has used Deepsea Mira rig for its drilling activities in Namibia; Source: Odjell Drilling

Thanks to this agreement, TotalEnergies will acquire a 40% operated interest in PEL 83 license holding the Mopane discovery, while Galp will get a 10% participating interest in PEL 56 license holding the Venus discovery and a 9.39% participating interest in PEL 91.

The transaction is said to position the French energy giant as the operator of the two largest oil discoveries in Namibia, opening the way for the development of a major producing hub, generating long-term value for the country and partners.

The agreement will see TotalEnergies carry 50% of Galp’s capital expenditures for the exploration and appraisal of the Mopane discovery and the first development on PEL 83. The carry will be repaid through 50% of the Portuguese firm’s future cash flows from the project.

Patrick Pouyanné, Chairman and CEO of TotalEnergies, commented: “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. This is a strong recognition of the exploration and deepwater competences of TotalEnergies teams.

“This transaction demonstrates also the strong confidence of TotalEnergies towards Namibia as a future oil producing country. TotalEnergies will leverage its recognized operatorship track record to progress towards profitable and sustainable developments of both Venus and Mopane discoveries.”

The two players agreed to launch an exploration and appraisal campaign, including three wells over the next two years, with a first well planned in 2026, to further derisk resources and progress diligently toward the development of the Mopane discovery.

The French giant, as operator of PEL 56, remains fully committed to the development of the Venus discovery and is working to secure all conditions enabling a potential final investment decision (FID) in 2026.

“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,” added Pouyanné.

The completion of the transaction is subject to customary third party approvals from the Nambian authorities and joint ventures parties, with completion expected to occur in 2026. By obtaining a position in PEL 56 and PEL 91, Galp also secures exposure to the Venus project, for which the French operator is maturing a development concept for a 160,000 barrels per day (bpd) FPSO, with a final investment decision estimated for 2026.

After completion of the transaction, TotalEnergies will own a 40% operated interest in PEL 83 alongside Galp (40%), Namcor (10%), and Custos (10%); a 35.25% operated interest in PEL 56 alongside QatarEnergy (35.25%), Galp (10%), Namcor (10%), and Impact (9.5%); and a 33.085% operated interest in PEL 91 alongside QatarEnergy (33.025%), Namcor (15%), Galp (9.39%), and Impact (9.5%).

Paula Amorim, Chairman of Galp, remarked: “After Galp’s remarkable exploratory efforts in Namibia, leading PEL 83 with an 80% stake, we are happy to partner with TotalEnergies, a highly experienced ultra deepwater operator, and significantly de-risk Mopane by aligning a concrete path forward for the asset.

“We expand our footprint in Namibia’s prolific Orange basin, reinforcing our commitment to the development of the country’s oil and gas industry, whilst strengthening our upstream portfolio with high-potential projects, such as Venus, which will further support Galp’s continued growth profile.”

This deal comes shortly after TotalEnergies revealed its decision to merge its upstream business in the UK with NEO NEXT to create an expanded company, to be renamed NEO NEXT+.