TotalEnergies has signed a strategic agreement with Galp to rebalance their Namibian offshore portfolios.

Under the deal, TotalEnergies will acquire a 40 per cent operated interest in PEL83, which includes the Mopane discovery, while Galp will obtain a 10 per cent stake in PEL56, home to the Venus discovery, and a 9.39 per cent interest in PEL91.

TotalEnergies will carry 50 per cent of Galp’s capital expenditures for Mopane exploration, appraisal, and initial development, to be repaid from future cash flows.

The partners will drill three wells over two years, starting in 2026, while advancing Venus toward a potential final investment decision in 2026.