Galp and TotalEnergies Swap Stakes in Namibian Offshore Blocks
- Galp trades 40% of PEL 83 for 10% in PEL 56 and 9.4% in PEL 91 with TotalEnergies.
- TotalEnergies will operate PEL 83 and cover half of Galp's exploration costs.
- Three-well exploration campaign planned over two years, first well by 2026.
- Agreement pending government and partner approvals, expected by 2026.
Asset Swap Agreement
Galp has partnered with TotalEnergies to jointly develop the Mopane discovery through an asset swap. Galp will transfer 40% of its 80% stake in PEL 83 to TotalEnergies in exchange for stakes in other discoveries in the region, specifically a 10% interest in PEL 56 and a 9.4% interest in PEL 91.
Operatorship and Cost Sharing
TotalEnergies will assume operatorship of PEL 83 and cover half of Galp's investment costs for exploration, appraisal, and development in Mopane. This collaboration aims to expand Galp's presence in Namibia's offshore Orange basin.
Exploration Plans
The companies have committed to an exploration and appraisal campaign involving at least three wells over the next two years to further de-risk the block. The first potential well is under assessment for 2026.
Regulatory Approvals
The agreement is subject to government, regulatory, and joint-venture partner approvals, which are anticipated to occur by 2026.
Source: Galp