TotalEnergies to acquire 40% operated interest in PEL83 from Galp

TotalEnergies (TTE) has signed an agreement with Galp Energia under which TotalEnergies is to acquire from Galp a 40% operated interest in PEL83, which includes the Mopane discovery. Galp is to acquire from TotalEnergies a 10% participating interest in PEL56, which includes the Venus discovery, and a 9.39% participating interest in PEL91. TotalEnergies will carry 50% of Galp’s capital expenditures for the exploration and appraisal of the Mopane discovery and the first development on PEL83. The carry will be repaid through 50% of Galp’s future cash flows from the project. TotalEnergies and Galp agreed to launch an exploration and appraisal campaign including three wells over the next two years, with a first well planned in 2026, to further derisk resources and progress diligently toward the development of the Mopane discovery. Concurrently, TotalEnergies, operator of PEL56, remains committed to the development of the Venus discovery and is working to secure all conditions enabling a potential final investment decision in 2026. Completion of the transaction is subject to customary third party approvals from the Nambian authorities and joint ventures parties, with completion expected to occur in 2026.