Portugal's Galp and TotalEnergies Complete Asset Swap in Namibia

en.Wedoany.com Reported - On September 3, Galp and TotalEnergies completed an offshore oil and gas asset swap transaction in Namibia. TotalEnergies acquired a 40% interest in License PEL 83 and assumed operatorship, with the license containing the Mopane oil and gas discovery; Galp retained a 40% non-operated interest in PEL 83 while acquiring a 10% interest in PEL 56 and a 9.39% interest in PEL 91 from TotalEnergies. The transaction agreement was signed in December 2025 and closed following receipt of relevant approvals.

Following the closing of the transaction, the PEL 83 interest structure has been adjusted to TotalEnergies 40%, Galp 40%, Namibian national oil company NAMCOR 10%, and Custos 10%. PEL 56 is held by TotalEnergies with 35.25% and operatorship, QatarEnergy with 35.25%, Galp and NAMCOR each with 10%, and Impact with 9.5%. PEL 91 is held by TotalEnergies with 33.085% and operatorship, QatarEnergy with 33.025%, NAMCOR with 15%, Galp with 9.39%, and Impact with 9.5%.

With the closing completed, the Mopane funding arrangement previously signed by both parties has taken effect. TotalEnergies will bear 50% of Galp's investment related to the first development project at Mopane. The agreement signed in 2025 also stipulates that this funding support covers Mopane exploration, appraisal, and initial development expenditures, and will be repaid through 50% of Galp's future cash flows from the project after first commercial oil production.

Galp and TotalEnergies had previously agreed to drill at least 3 exploration and appraisal wells in PEL 83 over the next two years. Galp's latest schedule indicates that a new round of Mopane exploration and appraisal drilling is planned to commence in the fourth quarter of 2026. TotalEnergies has previously estimated Mopane resources at approximately 800 million to 1.1 billion barrels of oil equivalent, with plans to further define the initial development scale through subsequent drilling.

PEL 56, in which Galp has acquired an interest, contains the Venus discovery. TotalEnergies has completed front-end engineering design for Venus, with project resources of approximately 750 million barrels of oil equivalent and planned peak production of approximately 150,000 barrels of oil equivalent per day, while continuing to advance work related to the final investment decision.