French energy giant TotalEnergies has secured a 40 per cent stake in the Galp Energy Corporation’s operations based in the Mopane oil fields sited off Namibia’s coast.
TotalEnergies has formed a new partnership with the Portuguese multinational in which it will serve as operator while swapping stakes in the Venus oil field, among others, for stakes in Mopane. The French company will also share associated costs with the aim of developing a key oil hub in Namibia territory.
A global energy company, TotalEnergies operates multiple key brands including ELF, the SunPower Corporation and Total Lubricants, which supplies cutting-edge lubricating products like hydraulic oil, compressor oil and fluids for metalworking.
TotalEnergies bought 40 percent of Galp’s licence in Mopane, while the Portuguese energy firm received 10 percent of Total’s stake in Venus and a further 9.4 per cent of its PEL 91 oil fields. Under the new agreement, Total will fund 50 per cent of Galp’s appraisal and exploration expenses for Mopane, while three new wells are planned for the offshore oil field beginning in 2026 to analyse potential resources.
The Mopane oil field is in the Orange Basin, a recently discovered hydrocarbon resource in offshore Namibia. It has an estimated holding of more than 10 bn barrels of gas condensate and light oil in quality reservoirs. This makes it among the world’s most significant finds of its kind.
TotalEnergies will become operator alongside the National Petroleum Corporation of Namibia (NAMCOR) and the Namibian independent oil and gas exploration company, Custos Energy.
