Portugal’s Galp has reached an agreement with France’s TotalEnergies regarding the Mopane oil discovery offshore Namibia, according to international media reports citing a company statement released on Tuesday. The deal follows months of Galp’s efforts to secure a partner for Mopane, which emerged from its 2023–2024 drilling campaign. Under the agreement, TotalEnergies will assume operatorship of the PEL 83 license in the Orange Basin, gaining a 40% stake and control of the Mopane project.
Strategic Exchange of Stakes Across Key Licenses
In exchange, Galp will acquire a 10% stake in PEL 56 home to the Venus oil discovery and a 9.39% stake in PEL 91. This asset swap strengthens TotalEnergies’ position across two of the basin’s most significant recent discoveries while giving Galp access to strategically important acreage with lower financial exposure. Although full financial terms were not disclosed, reports indicate TotalEnergies will cover half of Mopane’s exploration and appraisal costs, which Galp will later reimburse through revenue from the license.
Portfolio Alignment and Development Outlook
Both companies say the transaction helps rebalance their portfolios and streamline management of their offshore assets. TotalEnergies noted that adding PEL 83 allows it to coordinate activities across the closely linked Venus and Mopane discoveries, while Galp emphasized that the deal reduces its financial burden without diminishing its strategic presence in the basin.
With the agreement now in place, appraisal drilling is expected to resume from 2026 onward. The upcoming wells will refine resource estimates, assess reservoir characteristics and guide decisions on the next phase of development.
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