Namibia’s Ministry of Industries, Mines and Energy has approved TotalEnergies’ asset swap with Portugal’s Galp Energia, giving TotalEnergies operatorship of both the Venus and Mopane oil discoveries in the Orange Basin.

The move, which is expected to enable a coordinated single-hub development strategy by TotalEnergies, was reported by Businessfront.com, a Nigerian-based African business media and information platform.  

The transaction was first announced in principle last December, and was cleared by the ministry in the week ending mid-July 2026. It is expected to close within days pending final administrative steps. 

TotalEnergies will acquire a 40% operated interest in Petroleum Exploration Licence (PEL) 83, which holds the giant Mopane discovery, while Galp takes a 10% stake in PEL 56 (home to Venus) and a 9.39% interest in PEL 91. Post-deal ownership positions TotalEnergies as operator across the key licenses, partnered with Galp, QatarEnergy, NAMCOR, Impact Oil & Gas, and Custos. 

Company executives have framed the consolidation as the foundation for a sustainable multi-FPSO production hub. “We want to establish a sustainable multi-FPSO hub in Namibia to maximize synergies for the benefit of all stakeholders,” TotalEnergies executive Arnaud Le Foll has said, pointing to shared logistics, infrastructure, and operational efficiencies across the neighboring deepwater fields. 

Combined discovered resources in the Venus and Mopane areas are estimated at around 1.5 billion barrels, with further prospects under evaluation. 

Venus, in Block 2913B (PEL 56) in water depths of roughly 3,000 meters, is the more advanced project. TotalEnergies and partners have completed front-end engineering and design for a large-scale subsea development tied back to an FPSO with planned capacity of about 150,000 barrels per day, targeting recovery of around 750 million barrels in phase 1. First oil is eyed for around 2030, subject to a final investment decision. 

TotalEnergies CEO Patrick Pouyanné and CFO Jean-Pierre Sbraire have indicated a joint target with the Namibian government and partners to reach FID by the end of July 2026 or shortly thereafter, noting that contractors have been selected and technical readiness is high, though final discussions on fiscal and operational terms continue. 

Mopane, discovered by Galp in 2024, is viewed as potentially larger. TotalEnergies plans three appraisal wells, with drilling expected to ramp up in 2027, aiming for an FID around 2028. The fields are projected to ramp up sequentially from 2030, with combined production potentially reaching about 350,000 barrels per day and room for further growth. 

The Orange Basin has emerged as one of the world’s most prospective deepwater frontiers since major finds began in 2022. For Namibia, the developments mark the country’s first steps toward establishing a domestic offshore oil industry, with expected benefits in local employment, skills transfer, supply-chain participation, and broader economic impact. TotalEnergies has described Namibia as a “new golden province” and a strategic growth hub beyond 2030. 

Officials on both sides have emphasized close cooperation with the government on local content and value creation. As the deals close and Venus advances toward sanction, Namibia is positioned to join the ranks of significant African oil producers later this decade.