French oil and gas company TotalEnergies SE has signed an agreement with Portuguese Galp Energia SGPS SA to acquire 40% in the PEL83 project at the Mopane field. This is reported in the TotalEnergies press release.
Galp, in turn, will acquire from TotalEnergies 10% in the PEL56 project at the Venus field and 9.39% in PEL91. The financing of the transaction will be provided by 50% of Galp's cash flows from the project in the future.
In addition, TotalEnergies will assume 50% of Galp's capital expenditures for the exploration and evaluation of the Mopane field and the first developments at PEL83.
At the same time, TotalEnergies, as the operator of PEL56, will continue to develop the Venus project and the final investment solution. TotalEnergies becomes the operator of the two largest oil fields in Namibia with the aim of creating a major production center and developing the Namibian economy.
As part of the deal, TotalEnergies and Galp also reached an agreement to explore and evaluate three wells within two years, with the launch of the first well in 2026 to further exploit the resources and develop the Mopane field.
The completion of the transaction is subject to approval by the Namibian regulatory authorities and the participants in the joint ventures. Upon completion of the transaction, TotalEnergies will own 40% of PEL83 shares along with Galp (40%), Namcor (10%) and Custos (10%); 35.25% of PEL56 shares with QatarEnergy (35.25%), Galp (10%), Namcor (10%) and Impact (9.5%), and also 33.9% in PEL91 along with QatarEnergy (33.03%), Namcor (15%), Galp (9.39%) and Impact (9.5%).
TotalEnergies has been operating in Namibia since 1964 and is the fourth largest fuel distributor in the country with 43 service stations. In line with its energy strategy, the company strives to realize opportunities for the development of low-carbon projects in the country.
TotalEnergies SE is a French multinational oil and gas company with a market capitalization of $141 billion, one of the world's largest energy companies after Royal Dutch Shell, BritishPetroleum and ExxonMobil. TotalEnergie operates 3,000 service stations that serve 1 million customers and 6 million consumers of electricity and gas every day. The headquarters is located in Paris (France) with offices in 120 countries.
Galp Energia is a Portuguese gas and energy company. Galp is a vertically integrated operator in the energy sector. The headquarters is located in Lisbon (Portugal).
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