Galp, TotalEnergies seal Namibia asset swap and partnership

French energy giant TotalEnergies and Portugal’s Galp have closed a deal that reshuffles their positions across several offshore Namibian blocks, with the former taking over operatorship of one license, while the latter retains a stake and picks up interests in two others.

Galp has completed the deal with TotalEnergies in Namibia, exchanging participation interests in PEL 83, including transfer of operatorship, for positions in PEL 56 and PEL 91.

As a result, the Portuguese firm has retained a non-operated 40% participating interest in PEL 83, where the Mopane discovery lies, and assumed a 10% interest in PEL 56, home to the Venus discovery, and a 9.4% interest in PEL 91.

According to the company, the completion activates the associated funding agreement, where 50% of all of its investments for a first development in Mopane will be carried. This deal enabled TotalEnergies to acquire a 40% operated interest in PEL 83 license.

Galp highlighted: “The transaction closing further supports the operative next steps, with Galp well aligned with partners to support the Venus development upcoming final investment decision (FID) and to continue progressing in the preparations for the next exploration and appraisal campaign at Mopane, targeting drilling in the fourth quarter.”

With the closing of the transaction, participating partners in PEL 83 will be Galp (40%), TotalEnergies (40%), NAMCOR (10%), and Custos (10%). Within PEL 56, the ownership structure will become Galp (10%), TotalEnergies (35.25%), QatarEnergy (35.25%), NAMCOR (10%), and Impact (9.5%).

The partners in the remaining license, PEL 91, will be Galp (9.39%), TotalEnergies (33.085%), QatarEnergy (33.025%), NAMCOR (15%), and Impact (9.5%).

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