Sintana Energy Inc. says its Namibian offshore portfolio has entered a milestone phase after major resource growth at the Mopane discoveries, TotalEnergies’ entry into PEL 83, and fresh moves to expand its footprint into neighbouring acreage.
In a letter to shareholders, management said 2025 cemented Namibia as one of the world’s leading frontier exploration destinations and positioned the company for what it expects to be an exceptional 2026, with several catalysts already emerging since year-end.
The strongest immediate value driver remains Petroleum Exploration Licence 83 in the Orange Basin, where TotalEnergies secured a 40% stake and operatorship in late 2025.
Under the farm-in terms, TotalEnergies committed to drill up to three additional exploration and appraisal wells further to define the Mopane discoveries and the broader block potential, while also funding development costs.
Sintana said it retains a 4.9% indirect carried interest with no expected funding obligations for the initial development phase.
That means Sintana remains exposed to upside from one of Namibia’s fastest-moving offshore oil projects without carrying the heavy capital burden usually associated with frontier developments.
The company also highlighted new development targets disclosed by TotalEnergies in February 2026, including a final investment decision for Mopane in 2028 and first oil targeted for 2032.
TotalEnergies outlined a concept for a floating production, storage, and offloading vessel capable of producing around 200,000 barrels of oil per day.
In a further boost, Galp Energia upgraded Mopane’s gross 3C contingent resources to 1.38 billion barrels of oil equivalent from the previously reported 875 million boe, a 57% increase.
Sintana said that implies approximately 67 million boe net to its indirect interest.
The revised estimate places Mopane among the most significant recent offshore discoveries in the Orange Basin and strengthens the commercial case for accelerated development.
Beyond PEL 83, Sintana said it signed a letter of intent on 21 January 2026, securing exclusivity for a potential investment in PEL 37 in the Walvis Basin.
The licence lies directly north of PEL 82, where Chevron is planning drilling.
Sintana said it is advancing technical, legal and commercial due diligence with a view to formalising an entry in the near term.
That potential move would deepen the company’s Namibian exposure beyond the Orange Basin and add optionality in another emerging offshore play.
Sintana said continued exploration success across multiple blocks, together with rising corporate and operational activity, had validated the substantial value it sees in Namibia.
The update underlines how junior investment vehicles with carried interests are seeking to benefit from Namibia’s offshore boom by securing positions alongside supermajors rather than operating expensive drilling campaigns themselves.
With Mopane resources rising, TotalEnergies setting a development timetable and new acreage under review, Sintana appears to be positioning Namibia as the centrepiece of its 2026 growth strategy.
