Galp, TotalEnergies reset Namibia strategy

Lisbon-headquartered Galp has completed its petroleum exploration licence ownership exchange with France’s TotalEnergies, announcing on 3 September 2026 that participation interests in PEL 83, including the transfer of operatorship, had been swapped for positions in PEL 56 and PEL 91.Following the deal, Portugal’s Galp retains a non-operator 40% participating interest in PEL 83, where the Mopane discovery lies, and assumes a 10% interest in PEL 56, home to the Venus discovery, and a 9.39% interest in PEL 91.“Further to the exchange of participation interests, the completion activates the associated funding agreement where 50% of all Galp’s investments for a first development in Mopane will be carried,” the official announcement reads.According to Galp, the transaction closing supports “operative next steps”, with Galp aligned with its partners to support the Venus development’s upcoming final investment decision (FID) and to continue preparations for the next exploration and appraisal campaign at Mopane, targeting drilling in the fourth quarter.As it now stands, Galp holds 40% of PEL 83, where the Mopane discovery was made, with TotalEnergies holding 40% and acting as operator, the national oil company Namcor holding 10% and Knowledge Katti’s Custos Energy holding the remaining 10%.Custos welcomed the transaction and said that the company looked forward to advancing the Mopane discovery towards production alongside its joint venture partners and the Namibian government.“We are delighted to welcome TotalEnergies as operator of PEL83, and to see one of the world's most significant recent oil discoveries move into a new phase under a world-class operator,” Katti, the Custos chairman and CEO, said. Katti said Mopane represented more than a natural resource, describing it as a platform for creating long-term value for Namibians.Meanwhile, TotalEnergies continues talks with the Namibian government ahead of a months-overdue final investment decision related to the development of the Venus discovery towards production, which would be the first in the country.Following the swap, Galp now holds 10% in PEL 56, with TotalEnergies holding 35.25%, QatarEnergy 35.25%, Namcor 10% and Impact Oil and Gas 9.5% in the licence where Venus is located.Regarding PEL 91, TotalEnergies holds 33.085%, QatarEnergy holds 33.025%, Impact has 9.5%, Namcor has 15% and Galp holds the remaining 9.39%.Already in January this year, Patrick Pouyanné, chairman and CEO of TotalEnergies, and Paula Amorim, chairman of Galp, held a joint meeting with President Netumbo Nandi-Ndaitwah to reiterate their long-term commitment to the country and the Orange Basin, which hosts Venus and Mopane, as well as the Graff discovery made by Shell in 2022, BP and Rhino Resources’ Volans discovery last year, and the historic Kudu gas field.At the same meeting, Pouyanné and Amorim told the president that an exploration and appraisal campaign of three wells was planned at Mopane later this year “to further expand the understanding of the resources and progress the project toward development stage”, according to a Galp statement.“Our partnership with Galp marks an important milestone as Namibia prepares to become an important energy-producing nation. Together, we are committed to developing the country’s deepwater potential responsibly and efficiently, while building long-term value for Namibia and other stakeholders. By aligning our strengths across both Venus and Mopane, we are laying the foundation for a new energy hub in the region—one that combines operational excellence, local development and shared prosperity,” the early statement quotes Pouyanné as saying.“Solid partnerships are a core pillar of Galp’s growth strategy. The Mopane discoveries represent a transformational opportunity and partnering with a global footprint deep-water leader like TotalEnergies ensures these resources can be developed efficiently and sustainably for the benefit of Namibia and all stakeholders. Our commitment to Namibia has never been stronger. We are confident that this geography will emerge as a relevant future global energy ecosystem,” Amorim said at the time.More recently, local industry-specific publication Mining &amp; Energy reported last week that Pouyanné said TotalEnergies was working closely with Galp on Mopane, with a drilling rig expected to arrive in Namibia in mid-November for a three-well campaign.“We are working together in close cooperation with Galp. We intend to bring in a rig, which should arrive in mid-November, to drill three wells in sequence,” he said, according to Mining &amp; Energy.“The objective is to reach a final investment decision on Mopane by 2028. We have three wells to drill. In fact, one of these wells is for exploration, while the others are more for appraisal,” Pouyanné said.He said the drilling programme was intended to provide further information on the size and configuration of the discovery before the partners settle on a development concept.“The objective is to make sure that we do not develop an undersized project or one that is not optimally located,” he said.

Galp, TotalEnergies reset Namibia strategy

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Republikein 2026-10-27

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Galp, TotalEnergies reset Namibia strategy

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Republikein 2026-10-27

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