Overview
- TotalEnergies will acquire a 40% operated interest in PEL83 (Mopane), while Galp will take 10% in PEL56 (Venus) and 9.39% in PEL91.
- TotalEnergies will carry 50% of Galp’s capex for Mopane exploration, appraisal and initial development on PEL83, to be repaid from 50% of Galp’s future project cash flows.
- The partners plan a three-well exploration and appraisal program over two years, with the first Mopane well scheduled for 2026 to de-risk resources.
- TotalEnergies is working toward a potential 2026 FID on Venus, with a development concept centered on a 160,000 bpd FPSO.
- Closing is expected in 2026 pending Namibian and joint-venture approvals, after which TotalEnergies would hold 40% of PEL83, 35.25% of PEL56 and 33.085% of PEL91 alongside Namcor, QatarEnergy, Custos, Impact and Galp.