TotalEnergies has taken operational control of Namibia’s Mopane oil discovery after striking a major asset-swap deal with Galp Energia, Reuters reported on 9 December.
Under the agreement, TotalEnergies will acquire a 40% stake in Petroleum Exploration Licence (PEL) 83 — which hosts the Mopane discovery — becoming its operator.
In return, Galp will receive a 10% interest in PEL 56, home to TotalEnergies’ giant Venus discovery, as well as a 9.4% interest in neighbouring PEL 91, also operated by TotalEnergies.
The companies said TotalEnergies will carry half of Galp’s future exploration and appraisal costs on Mopane, with repayment to come from project revenues once production begins.
The three blocks sit adjacent to each other in Namibia’s prolific Orange Basin. With this swap, TotalEnergies consolidates its position as operator of the country’s two biggest oil finds — Venus and Mopane — while Galp transitions into a non-operating partner across a broader portion of the basin.
