TotalEnergies Takes Control of Namibia’s Largest Oil Discoveries

Core Insights - TotalEnergies has formalized its operatorship over Namibia's two largest offshore oil discoveries, Mopane and Venus, through a strategic asset swap with Galp [1][3] Group 1: Transaction Details - TotalEnergies will acquire a 40 percent operated interest in PEL 83, which contains the Mopane discovery, while Galp will receive a 10 percent interest in PEL 56 and a 9.39 percent interest in PEL 91 [2] - TotalEnergies will carry 50 percent of Galp's capital spending for exploration, appraisal, and initial development on PEL 83, with repayment linked to Galp's future cash flow [4] - The agreement does not reflect new resource findings but is a restructuring of ownership aimed at unlocking development synergies [5] Group 2: Strategic Implications - The deal strengthens TotalEnergies' position as the lead developer in Namibia's Orange Basin, controlling both Mopane and Venus, which could form a multi-field producing hub [3][7] - TotalEnergies is on track to progress Venus toward a possible final investment decision in 2026, pending ongoing technical and commercial assessments [6] - The consolidation of operatorship enhances TotalEnergies' ability to design a coordinated development strategy, advancing Namibia toward its first oil production later this decade [7]