- TotalEnergies acquires 40% in PEL83, Galp gets 10% in PEL56 and 9.39% in PEL91.
- TotalEnergies will cover 50% of Galp's capital expenditures for Mopane exploration.
- Three-well exploration campaign planned over two years, starting in 2026.
- Transaction completion expected in 2026, pending approvals.
Agreement Details
TotalEnergies has signed an agreement with Galp Energia to acquire a 40% operated interest in the PEL83 license, which includes the Mopane discovery. In return, Galp will acquire a 10% participating interest in the PEL56 license, which includes the Venus discovery, and a 9.39% interest in PEL91.
Financial Arrangements
TotalEnergies will cover 50% of Galp's capital expenditures for the exploration and appraisal of the Mopane discovery and the first development on PEL83. This financial support will be repaid through 50% of Galp's future cash flows from the project.
Exploration Plans
The companies have agreed to launch an exploration and appraisal campaign, including three wells over the next two years, with the first well planned for 2026. This initiative aims to further derisk resources and progress towards the development of the Mopane discovery.
Future Developments
TotalEnergies, as the operator of PEL56, remains committed to the development of the Venus discovery and is working to secure conditions for a potential final investment decision in 2026. Completion of the transaction is subject to customary third-party approvals from Namibian authorities and joint venture parties, with completion expected in 2026.
