Portuguese energy company Galp Energia has confirmed that negotiations are advancing with a shortlist of preferred bidders for a collaboration in its Mopane oil discovery offshore Namibia, with an agreement expected before the end of 2025.
The company said the discussions are progressing in line with its schedule and remain “supportive of a value-accretive partnership” that will ensure strong alignment in advancing the project.
In its third-quarter 2025 financial report, Galp reiterated that the Mopane project, located in Petroleum Exploration Licence (PEL) 83 in Namibia’s Orange Basin, remains a top strategic focus as it positions for development.
The company holds an 80 per cent operating stake in the licence, while the remaining 20 per cent is held by its local partners.
The Mopane complex, discovered earlier in 2024, is considered one of Namibia’s most significant offshore finds to date, with Galp estimating hydrocarbon-in-place resources of at least 10 billion barrels of oil equivalent. The scale of the discovery has attracted significant industry interest and could rank Mopane alongside other world-class finds made by TotalEnergies and Shell in Namibia’s offshore basins.
Galp’s Co-CEOs, Maria João Carioca and João Marques da Silva, said the company’s “sound operating momentum” and robust cash generation had strengthened its ability to advance significant assets, such as Mopane, while maintaining balance-sheet discipline. “Execution remains strong,” the executives said. In Namibia, negotiations with a shortlist of preferred bidders are advancing, with strong alignment to move forward with Mopane.
Progress is well within Galp’s timeline towards an agreement by year-end.”
The company’s Namibian strategy forms part of a broader realignment of its global upstream portfolio, which also includes the Bacalhau field in Brazil, where production has now started. Galp has indicated that a partnership in Mopane will allow it to share risk, optimise development funding, and accelerate project timelines without overextending its capital commitments.
According to reports, Galp is considering selling up to 40 per cent of its stake in the Namibian licence while retaining operatorship during appraisal and early development.
Industry analysts view the Mopane transaction as a crucial step toward Namibia’s transformation into a new global oil frontier, with multi-billion-barrel discoveries potentially reshaping the country’s energy and fiscal landscape.
As Galp moves closer to sealing the deal, its third-quarter results underline its strong financial health.
The group reported an RCA Ebitda of €911 million and net income of €407 million, with free cash flow of €548 million and net debt reduced to €1.2 billion.
The company expects to surpass its 2025 guidance for both Ebitda and operating cash flow, reinforcing investor confidence ahead of a potentially transformative Namibian partnership.
