TotalEnergies and Galp enter asset swap deal in Namibia

TotalEnergies and Galp person agreed to swap their stakes crossed 3 offshore lipid licences successful Namibia, positioning TotalEnergies arsenic the relation of the Mopane and Venus discoveries.

Under the terms, TotalEnergies volition get a 40% operated involvement successful petroleum exploration licence 88 (PEL83), which includes the Mopane lipid find successful Namibia's Orange Basin.

Galp volition get a 10% participating involvement successful PEL56, which holds the Venus discovery, and a 9.39% participating involvement successful PEL91 from TotalEnergies.

TotalEnergies volition besides transportation 50% of Galp’s superior expenditures for undertaking exploration and appraisal enactment connected the Mopane find arsenic good arsenic the archetypal improvement signifier connected PEL83.

This carried magnitude volition beryllium reimbursed to TotalEnergies done 50% of Galp’s aboriginal currency flows generated by the project.

The transaction is expected to beryllium completed successful 2026, taxable to approvals from Namibian authorities and associated task partners.

Upon closing, TotalEnergies volition clasp a 40% operated involvement successful PEL83, a 35.25% operated involvement successful PEL56 and a 33.085% operated involvement successful PEL91.

Galp volition person a 40% involvement successful PEL83, a 10% involvement successful PEL56 and a 9.39% involvement successful PEL91.

Other partners successful PEL83 see Namcor and Custos with a 10% involvement each.

In PEL56, the partners see QatarEnergy with a 35.25% stake, Namcor with a 10% involvement and Impact with a 9.5% interest.

Besides TotalEnergy and Galp, the different companies holding an involvement successful PEL91 are QatarEnergy (33.025%), Namcor (15%) and Impact (9.5%).

TotalEnergies president and CEO Patrick Pouyanné said: “TotalEnergies volition leverage its recognised operatorship way grounds to advancement towards profitable and sustainable developments of some Venus and Mopane discoveries.

“By enabling the instauration of a producing hub successful Namibia, we purpose to execute synergies that volition make semipermanent worth for some Namibia and the stakeholders.

“We are anxious to support gathering connected our collaboration with the Namibian authorities successful bid to present some developments.”

TotalEnergies and Galp volition motorboat an exploration and appraisal run implicit the adjacent 2 years. The run includes 3 wells, with the archetypal planned for 2026, targeting further de-risking of resources and advancement toward Mopane’s development.

TotalEnergies, arsenic the relation of PEL56, volition make the Venus find and is moving to unafraid each conditions for a imaginable last concern determination successful 2026.

The improvement conception for Venus includes a 160,000 barrels per time floating production, retention and offloading unit.