In exchange for a 40% stake in PEL 83, Galp will acquire a 10% stake in PEL 56, which includes the Venus discovery, and a 9.4% stake in PEL 91, both operated by TotalEnergies, according to a statement released today by the Portuguese oil company.
The statement notes that Galp has chosen TotalEnergies as a partner to “jointly operate and develop the Mopane discovery through an asset swap.”
Through this exchange, Galp is transferring half of its stake in Petroleum Exploration License No. 83 (PEL 83).
The Portuguese oil company highlights that acquiring stakes from the French partner’s portfolio contributes to its expansion in the Orange Basin offshore Namibia.
The statement details that TotalEnergies will take over operations of PEL83 and “cover half of Galp’s investment costs for exploration, appraisal, and development in Mopane.”
The two companies also committed to launching an exploration and appraisal campaign of at least three wells over the next two years “to further de-risk the block and potentially unlock a development hub,” with the first potential well under assessment for 2026.
Paula Amorim, Chairwoman of Galp’s Board of Directors, expressed satisfaction with the partnership with TotalEnergies, describing it as a “highly experienced deepwater operator,” thus significantly reducing the risks at Mopane.
The agreement awaits approval from the government, regulatory entities, and joint-venture partners, with completion expected next year.
Galp states that upon completion of this operation, it will hold 40% of PEL 83, compared to 40% for TotalEnergies, which will be the operator, and 10% each for Namcor and Custos.
In PEL 56, it will hold a 10% stake alongside TotalEnergies (35.25%, operator), QatarEnergy (35.25%), Namcor (10%), and Impact (9.5%).
In PEL 91, the 9.39% stake contrasts with 33.085% for TotalEnergies (operator), 33.025% for QatarEnergy, 15% for Namcor, and 9.5% for Impact.
Following the announcement, Galp, which was already the biggest loser on the PSI since the opening (-0.89%), saw its stock price fall 11.60% at 09:50, to 15.32 euros.
