TotalEnergies has announced a partnership with Galp to develop the Mopane oil field off Namibia’s coast. The French energy company will join Galp as an operator, with exploration efforts ongoing to assess the field’s production potential. TotalEnergies will acquire a 40% stake in the petroleum exploration licence, while Galp retains a 40% stake and the Namibian national oil company Namcor and private firm Custos each hold 10% stakes.
Under the deal, TotalEnergies will finance half of Galp’s capital expenditures for exploration, appraisal, and initial development of the Mopane field, with repayment to come from future cash flows. In return, Galp will receive a 10% stake in the nearby Venus exploration zone, where TotalEnergies has already discovered oil. TotalEnergies plans to make a final investment decision on developing production at Venus next year.
The Mopane field is estimated to contain at least 10 billion barrels of oil, according to Galp’s estimates from last year. This partnership positions TotalEnergies as the operator of the two largest oil discoveries in Namibia, paving the way for the development of a major producing hub and generating long‑term value for the country and its partners.
The agreement has been welcomed by investors, with TotalEnergies’ shares rising 0.4% in afternoon trading on the Paris stock exchange. The development of the Mopane field represents a significant step forward for Namibia’s oil industry, offering the potential to boost the nation’s economy and energy production. As exploration continues, the project is likely to attract further investment and attention from the international energy sector.
Overall, the TotalEnergies‑Galp partnership marks a major milestone in the development of Namibia’s offshore oil fields. With TotalEnergies’ expertise and financial backing, the project is well positioned to advance, delivering benefits for all parties involved and underscoring the importance of international cooperation and investment in new energy resources.
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