This licensing and portfolio move gives TotalEnergies operatorship of the Mopane discovery in Namibia's Orange Basin. The company completed a transaction with Galp covering three offshore licences. TotalEnergies now operates both Mopane and the Venus discovery.
TotalEnergies holds 40% of PEL83, while Galp retains 40%. Namcor and Custos each hold 10%. Sintana Energy has cited an estimated 3C resource of about 1.3 billion barrels of oil equivalent for Mopane.
The partners plan a three well appraisal campaign, with drilling expected to resume later in 2026. The work will refine resource estimates, reservoir characteristics and the development plan. TotalEnergies is targeting a final investment decision in 2028.
Galp receives a 10% interest in PEL56, which contains Venus, and a 9.39% interest in PEL91 under the same transaction. The swap concentrates operatorship of Namibia's two largest oil discoveries with TotalEnergies while keeping Galp exposed to both. The appraisal results will determine whether Mopane can move from a large discovery into a commercial offshore project.