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TotalEnergies has reached an agreement to operate Galp's Mopane offshore permit in Namibia’s Orange Basin by acquiring a 40% stake from the Portuguese company. The deal places TotalEnergies at the helm of Namibia’s two largest oil discoveries, paving the way for a major production hub. The transaction is expected to close in 2026. TotalEnergies and Chevron were leading contenders for the stake. This move strengthens the French firm’s presence in African offshore oil, while Galp continues to maintain its majority interest in the region.
TotalEnergies has agreed to become the operator of Galp's Mopane offshore permit in Namibia's Orange Basin, acquiring a 40% stake from the Portuguese company. The French energy company highlighted that this deal positions it as the operator of the two largest oil discoveries in Namibia, opening the path for the creation of a significant production hub in the region. Advertisement
The transaction is expected to be finalised in 2026. Sources familiar with the matter had indicated that TotalEnergies, alongside Chevron, was among the leading contenders for the 40% operating stake in the Mopane field. The agreement marks a continuation of TotalEnergies’ strategic expansion in offshore exploration and production in Africa, where it has been involved in several major projects over the past decade.
Industry analysts note that the Orange Basin holds considerable potential for oil output, and TotalEnergies’ new role could accelerate exploration and development timelines. The move aligns with the company’s broader goal to strengthen its position in high-potential hydrocarbon regions while managing operational efficiency and risk. Galp will retain a majority stake in the permit, continuing its participation in Namibia’s growing oil sector.
Source Reuters
5th Jun, 2025
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