Paris-based TotalEnergies (multinational integrated energy and petroleum company) has completed its entry as operator into the PEL83 license offshore Namibia, finalizing a transaction with Galp (major Portuguese multinational energy corporation) that was first announced in December 2025 and positions the French energy major as the operator of the country's two largest oil discoveries.

The Transaction Structure

The deal, which received approval from Namibian authorities, involves a mutual exchange of stakes between TotalEnergies and Galp. Under the terms of the transaction, TotalEnergies acquired from Galp a 40% operated interest in the PEL83 license, which holds the Mopane discovery.

In return, Galp acquired from TotalEnergies a 10% participating interest in the PEL56 license, which holds the Venus discovery, along with a 9.39% participating interest in the PEL91 license.

The completion of the deal reshapes the ownership structure across multiple licenses in the Orange Basin. In PEL83, TotalEnergies now holds a 40% operated interest alongside Galp at 40%, Namcor at 10%, and Custos at 10%.

In PEL56, TotalEnergies retains a 35.25% operated interest, with QatarEnergy holding 35.25%, Galp 10%, Namcor 10%, and Impact 9.5%. In PEL91, TotalEnergies holds a 33.09% operated interest alongside QatarEnergy at 33.03%, Namcor at 15%, Impact at 9.5%, and Galp at 9.39%.

Strategic Significance for TotalEnergies in Namibia

Patrick Pouyanné, Chairman and CEO of TotalEnergies, described the completion as a key milestone in the company's ambitions in the country. "TotalEnergies' entry as operator of the giant Mopane discovery marks a key milestone in our journey to establish a major production hub in Namibia," he said in a statement issued on September 3, 2026.

Pouyanné further emphasized the competitive positioning the transaction creates, stating that it places TotalEnergies as the operator of Namibia's two largest oil discoveries and strengthens the company's footprint in the Orange Basin. He framed the deal as supporting long-term value creation from what he described as prolific licenses.

Appraisal Campaign and Path to Final Investment Decision

With the transaction now complete, TotalEnergies has outlined its near-term operational plans for the Mopane discovery. The company intends to begin appraising the Mopane asset as early as the second half of 2026, conducting a three-well appraisal campaign. The stated aim is to take a final investment decision, known as an FID, on the project in 2028.

Pouyanné noted that exploration opportunities beyond the Mopane development are already being identified, suggesting the company sees additional upside in the license area beyond the known discovery.

TotalEnergies' Broader Namibian Footprint

TotalEnergies has maintained a presence in Namibia since 1964 and currently employs around 70 people in the country. Beyond its upstream activities, the company is the third-largest fuel distributor in Namibia, operating 43 service stations across the country.

In addition to the three licenses where TotalEnergies already holds operating stakes, PEL56, PEL83, and PEL91, the company noted it is progressing the completion of its entry as operator into a fourth license, PEL104. The company stated it is also looking for local opportunities to develop low-carbon projects in Namibia, in line with what it describes as its multi-energy strategy.

Background on the Mopane and Venus Discoveries

The Mopane discovery, held within PEL83, has been characterized by TotalEnergies as a giant find. The Venus discovery, held within PEL56, is the other major asset in the company's Namibian portfolio. Both discoveries are located in the Orange Basin, an offshore area that has drawn significant international interest from energy companies in recent years.

The completion of the swap with Galp means the two companies are now cross-invested in each other's primary Namibian licenses, with Galp retaining a 40% non-operated stake in PEL83 alongside TotalEnergies' new operated position, and TotalEnergies retaining its operated interest in the Venus-holding PEL56 license where Galp now holds a 10% stake following the transaction.

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