WINDHOEK, Dec 10 (The African Portal) – TotalEnergies has secured operatorship of the Mopane oil discovery offshore Namibia in a landmark asset swap with Portugal’s Galp Energia, positioning the French energy giant as the lead player in both of the country’s largest oil finds.
Announced Tuesday, the deal gives TotalEnergies a 40-percent stake in Mopane under Petroleum Exploration License (PEL) 83, while Galp retains 40 percent, and National Petroleum Corporation of Namibia and private firm Custos each hold 10 percent.
In exchange, Galp takes minority stakes in TotalEnergies’ Venus discovery (PEL 56) and adjacent Orange Basin license PEL 91.
TotalEnergies will also finance half of Galp’s development costs at Mopane, with repayment tied to future project cash flows.
The agreement cements TotalEnergies’ dominance in Namibia’s offshore sector where Mopane is estimated to hold up to 10 billion barrels of oil equivalent resources.
The French major is already advancing plans for a 160,000 barrel per day development at Venus and industry analysts say the dual operatorship could create a producing hub of global significance.
Exploration and appraisal drilling will continue at Mopane, with at least three wells planned over the next two years. The first potential well is under assessment for 2026.
Namibia’s oil sector has seen a surge of discoveries in recent years, transforming the country into one of Africa’s hottest exploration frontiers.
Rhino Resources and BP-Eni joint venture Azule Energy have made three consecutive finds in the Orange Basin this year, while Canadian firm ReconAfrica announced a significant onshore discovery in Kavango West last week.
Credit: JN/APA
