TotalEnergies, Galp Complete Swap Involving Mopane, Venus Discoveries
TotalEnergies SE acquired a 40 percent operating stake in the block containing the Mopane discoveries from Galp Energia SGPS SA, while Galp obtained a 10 percent interest in the Venus discovery license. TotalEnergies plans to start appraising Mopane in the second half of 2026 and aims for a final investment decision in 2028. For Venus, the partners plan to make a final investment decision by yearend.
Why it matters: This transaction reshapes upstream ownership in Namibia's Orange Basin, a key region for global oil supply diversification.