Namibia Energy Deal
TotalEnergies Acquires Operated Stake in Namibia PEL83 Following Asset Swap With Galp
Anonymous
Key Points
1
In the post-transaction PEL56 ownership breakdown, TotalEnergies will hold 35.25% operated, with QatarEnergy at 35.25%, Galp 10%, Namcor 10%, and Impact 9.5%.
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In PEL91, TotalEnergies holds 33.09% operated, with QatarEnergy 33.03%, Namcor 15%, Impact 9.5%, and Galp 9.39%.
3
Galp gains the Venus discovery in PEL56 as part of the deal, expanding its asset base alongside Mopane.
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Sintana maintains an indirect 49% stake in Custos, giving the company an effective 4.9% interest in PEL83.
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The transaction completed on September 3, 2026, confirming the revised ownership across PEL83, PEL56 and PEL91.
TotalEnergies has become operator of Namibia's Mopane discovery after completing a major asset swap with Galp on September 3, 2026. MarketScreener reported that TotalEnergies acquired a 40% operated stake in PEL83, while Galp picked up minority interests in two nearby blocks. The deal positions TotalEnergies to lead exploration and development of a giant deepwater field holding roughly 1.3 billion barrels of recoverable oil.
Patrick Pouyanné, TotalEnergies' chairman and CEO, called the transaction "a key milestone" in building a major production hub in Namibia's Orange Basin Sintana Energy. The company plans to drill three appraisal wells starting late 2026, target a final investment decision in 2028, and aim for first oil in 2032. TotalEnergies will fund half of Galp's exploration and development costs upfront—then recover that investment from Galp's future profits once production begins.
How the Galp-TotalEnergies Swap Reshapes Namibian Blocks
Galp drilled the original discovery wells at PEL83 but lacked the capital and deepwater expertise to develop a multi-billion-dollar project alone. MarketScreener noted that the Portuguese oil company swapped its 40% operated interest in Mopane for minority stakes in TotalEnergies' Venus discovery block (PEL56) and a nearby exploration license (PEL91). The trade gave Galp access to an already-discovered field while letting TotalEnergies take charge of Mopane.
The revised ownership structure now reflects four Mopane partners: TotalEnergies (40%, operator), Galp (40%), Custos Energy (10%), and Namcor, Namibia's state oil firm (10%). Custos Energy highlighted that its stake gives Namibian-based firms direct participation in the world's largest Mopane discoveries. TotalEnergies also now operates Venus and nearby blocks, creating a unified deepwater production complex in the Orange Basin.
A Three-Well Appraisal Campaign Launches Late 2026
TotalEnergies will begin drilling three appraisal wells in the fourth quarter of 2026 to delineate the Mopane field's true size and producibility Sintana Energy. These wells aim to confirm resource volumes and test infrastructure limits. Mopane-1X, the discovery well, already showed maximum flow rates of roughly 14,000 barrels per day when constrained by test equipment.
Robert Bose, CEO of Sintana Energy (which holds an indirect 4.9% stake through Custos), stated: "The completion of TotalEnergies' entry into PEL 83 marks a defining milestone for Mopane." He noted that with TotalEnergies' technical and financial resources now aligned, the project can accelerate toward a development decision. The three-well program will run through 2027, feeding data into the 2028 final investment decision.
First Oil Targeted for 2032 After FID in 2028
If exploration and appraisal drilling confirm the 1.3 billion barrel estimate, TotalEnergies aims to approve the development phase in 2028 Sintana Energy. This timeline allows roughly four years for engineering, contracting, and installation of subsea infrastructure and a floating production vessel. First commercial oil production is targeted for 2032.
Success at Mopane would position Namibia as a major African oil exporter by the early 2030s, alongside recent discoveries in the region. Knowledge Katti, chairman of Custos Energy, framed the project as more than just resources: "It is a platform to create lasting value for Namibians—through skills, jobs and opportunity in this emerging industry." Local and state-owned stakes ensure direct economic participation beyond foreign operators.
TotalEnergies Builds a Unified Deepwater Production Hub
By operating both Mopane (PEL83) and the Venus discovery in PEL56, TotalEnergies creates operational synergies across multiple fields MarketScreener. Infrastructure can be shared, reducing per-barrel costs. The company now holds 35.25% of PEL56 (with QatarEnergy at 35.25%, Galp 10%, Namcor 10%, and Impact Oil & Gas 9.5%) and 33.09% of PEL91 (with QatarEnergy 33.03%, Namcor 15%, Impact 9.5%, and Galp 9.39%).
This consolidated position in the Orange Basin reflects TotalEnergies' broader strategy: identify world-class discoveries, partner with proven explorers, and bring operational excellence to development. The completion on September 3, 2026, came after Namibia's Ministry of Industries, Mines and Energy approved the deal in July. With Mopane on a clear path to development, Namibia's oil sector is poised for rapid expansion.
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