TotalEnergies to Buy 40% Stake in Galp Energia's Namibia Project

05:19 AM EST, 12/09/2025 (MT Newswires) -- TotalEnergies (TTE.L, TTE.PA) said Tuesday it signed an agreement with Galp Energia (GALP.LS) that would give it operatorship of the two largest oil discoveries in Namibia. Specifically, the French energy giant will acquire a 40% stake in the Portuguese group's PEL83 license holding the Mopane discovery and carry half of the project's capital expenditures. Both also plan to launch a two-year exploration and appraisal campaign, with the first of three wells planned in 2026. On the other hand, Galp will buy TotalEnergies a 10% participating interest in PEL56, which includes the Venus discovery in Namibia, and a 9.39% participating interest in PEL91. The deal, expected to close in 2026, remains subject to approvals from the Namibian authorities and joint venture parties.