TotalEnergies Signs Deal with Galp to Become Operator of Namibia’s PEL 83 License, Including the Mopane Discovery

12/09/2025 – 04:15 AM

• Under this agreement, TotalEnergies will acquire a 40 % operated interest in the PEL83 licence, which houses the Mopane discovery, while Galp will obtain a 10 % participating interest in the PEL56 licence, the holder of the Venus discovery.
• The transaction positions TotalEnergies as operator of Namibia’s two largest recent oil finds and paves the way for a centralised production hub, promising long‑term economic value for the country and its partners.

PARIS (Business Wire) — TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) has signed a strategic partnership with Galp Energia SGPS SA (Galp) that reshapes the ownership landscape of two prolific offshore licences in Namibia.

• TotalEnergies will acquire from Galp a 40 % operated interest in PEL83, the licence containing the Mopane discovery.
• Galp will acquire from TotalEnergies a 10 % participating interest in PEL56 (Venus discovery) and a 9.39 % participating interest in PEL91.
• TotalEnergies will carry 50 % of Galp’s capital expenditures for exploration, appraisal, and the first development phase on PEL83. The carry will be repaid through 50 % of Galp’s future cash flows from the project.

The partners have outlined a two‑year exploration and appraisal program that will see three new wells drilled, with the first well targeted for 2026. This effort aims to de‑risk the Mopane resource base and accelerate the path toward a commercial development decision.

Concurrently, TotalEnergies, as operator of PEL56, remains fully committed to advancing the Venus discovery. The company is aligning technical studies, fiscal frameworks, and permitting activities to enable a final investment decision (FID) by 2026.

“We are delighted to be selected by Galp as operator for the prolific PEL83 licence and the Mopane discovery,” said Patrick Pouyanné, Chairman and CEO of TotalEnergies. “This agreement underscores our confidence in Namibia’s emerging role as an oil‑producing nation and leverages our deep‑water expertise to create a sustainable, value‑adding production hub.”

Completion of the transaction is subject to customary regulatory approvals from Namibian authorities and third‑party consents, with closing anticipated in 2026.

Post‑closing ownership structure will be:

• PEL83 – TotalEnergies holds a 40 % operated interest alongside Galp (40 %), Namcor (10 %) and Custos (10 %).
• PEL56 – TotalEnergies holds a 35.25 % operated interest with QatarEnergy (35.25 %), Galp (10 %), Namcor (10 %) and Impact (9.5 %).
• PEL91 – TotalEnergies holds a 33.085 % operated interest with QatarEnergy (33.025 %), Namcor (15 %), Galp (9.39 %) and Impact (9.5 %).

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About TotalEnergies in Namibia
TotalEnergies has operated in Namibia since 1964 and employs a local workforce of 55. The company is the fourth‑largest fuel distributor in the country, running 43 service stations. Aligned with its multi‑energy strategy, TotalEnergies is also exploring low‑carbon opportunities to support Namibia’s energy transition.

About TotalEnergies
TotalEnergies is a global integrated energy company active in oil, natural gas, biofuels, low‑carbon hydrogen, renewables, and electricity. With more than 100,000 employees operating in roughly 120 countries, the group places sustainability at the core of its strategy, aiming to provide reliable, affordable, and decarbonised energy solutions.

Cautionary Note
The terms “TotalEnergies,” “the Company,” or “we” refer to TotalEnergies SE and its wholly‑ or partly‑owned subsidiaries. This release contains forward‑looking statements that involve risks and uncertainties. Actual results may differ materially. Readers should consult the company’s most recent annual report and SEC Form 20‑F for detailed risk disclosures.