TotalEnergies Takes Control of Namibia’s Largest Oil Discoveries

TotalEnergies has signed an agreement with Galp that formalizes its operatorship over Namibia’s two largest offshore oil discoveries, Mopane and Venus, through a strategic asset swap that consolidates development control in the hands of the French major.

Under the transaction, TotalEnergies will acquire a 40 percent operated interest in PEL 83, the block containing the Mopane discovery that Galp previously announced earlier this year. In exchange, Galp will receive a 10 percent interest in PEL 56, home to the high-profile Venus discovery, and a 9.39 percent interest in PEL 91. While both discoveries were already made and publicly reported, this agreement marks the first time TotalEnergies assumes formal operatorship of Mopane.

The deal strengthens TotalEnergies’ position as the lead developer in Namibia’s Orange Basin, where the company had already operated Venus since its breakthrough discovery in 2022. By securing operatorship of both Mopane and Venus, TotalEnergies now controls the two pillars of what could become a multi-field producing hub offshore Namibia.

As part of the agreement, TotalEnergies will carry 50 percent of Galp’s capital spending for exploration, appraisal, and the initial development phase on PEL 83, with repayment tied to Galp’s future cash flow from the project. The partners plan an exploration and appraisal campaign of three wells over the next two years, with the first spud expected in 2026.

The transaction does not reflect new resource findings but instead a restructuring of ownership and operatorship designed to unlock development synergies. TotalEnergies stated that consolidating operatorship enables a more integrated approach to engineering, infrastructure planning, and commercialization across the basin’s highest-potential assets.

Meanwhile, TotalEnergies reiterated that it remains on track to progress Venus toward a possible final investment decision in 2026, contingent on completion of ongoing technical and commercial assessments.

Upon closing—expected in 2026 pending regulatory and partner approvals—the company will hold 40 percent of PEL 83, 35.25 percent of PEL 56, and 33.085 percent of PEL 91. Namcor, QatarEnergy, Custos, Impact Oil & Gas, and Galp remain key partners across the licenses.

The agreement is significant because Namibia is emerging as one of the world’s most promising new petroleum provinces, with early analysis suggesting the Orange Basin could rival frontier plays that reshaped African supply in prior decades. Consolidating operatorship of its two flagship discoveries strengthens TotalEnergies’ ability to design a coordinated development strategy and advance Namibia toward its first-ever oil production later this decade.