TotalEnergies consolidates its position in Namibia with the Galp asset exchange
TotalEnergies cemented its position in Namibia by agreeing on an asset exchange with Portugal's Galp, which makes the French company the operator for the Mopane exploration.
Galp will receive a 10% stake in Total's PEL56 license, which holds the Venus discovery. It will also get a 9.4% share in the PEL91 license.
The three licenses are all next to one another.
Total will cover half of Galp’s exploration and appraisal costs on Mopane. However, Galp must pay back this amount from future cash flows from the field. QatarEnergy holds the second largest stake in PEL56 and 91.
Total and Galp will drill three wells at Mopane over the next two-year period, starting in 2026.
Sources told? Sources told?
The French group stated that "this agreement positions TotalEnergies to be the operator of two of the largest oil discoveries in Namibia, and opens the door for the development of an important production hub."
It added that the finalisation of this transaction should be completed by 2026. Reporting by Alban Kascher and Shadia Naralla. Joe Bavier, Mark Potter and Mark Potter edited the report.
(source: Reuters)
