TotalEnergies has completed a transaction with Galp concerning three licenses offshore Namibia.

Under the arrangement, TotalEnergies gains from a 40% operated interest in the PEL83 license, which contains the Mopane oil discovery.

In return, Galp receives a 10% interest in the PEL56 license, including the Venus discovery, and a 9.39% interest in the PEL91 license.

Following completion, the partners in PEL83 are TotalEnergies (40%), Galp (40%), Namcor (10%) and Custos (10%).

The operatorship transfer comes as international energy companies continue to increase their exposure to Namibia's Orange Basin, where a series of major discoveries since 2022 have elevated the country into one of the world's most closely watched emerging offshore petroleum provinces.

In PEL56, TotaEnergies remains operator (35.25%), alongside QatarEnergy (35.25%), Galp (10%), Namcor (10%) and Impact (9.5%), and it also operates PEL91 (33.09%) with QatarEnergy (33.03%), Namcor (15%), Impact (9.5%) and Galp (9.39%).

In addition, the company is close to securing operatoship of the PEL 104 license.

TotalEnergies plans to resume appraisal activities on the Mopane discovery later this year as it works to refine resource estimates, reservoir characteristics and development concepts ahead of a potential final investment decision (FID).

“This transaction positions TotalEnergies as the operator of Namibia's two largest oil discoveries and strengthens its position in the Orange Basin, supporting the long-term value creation from prolific licenses," TotalEnergies Chairman and CEO Patrick Pouyanné said. “Exploration opportunities are already lining up beyond the Mopane development, which we will start appraising as early as the second half of 2026, aiming at taking the FID of the project in 2028, after a three-appraisal well campaign.”

Sintana Energy, which has an indirect interest in Custos, estimated the 3C resource from the Mopane discoveries at around 1.3 BBoe.

The transaction further strengthens TotalEnergies' position across Namibia's offshore sector, where it now holds operatorship interests in the Venus, Mopane and PEL91 areas while pursuing additional exploration opportunities in the Orange Basin.