Post by Torchie1on Dec 14, 2025 8:29am
66 Views
Post# 36824092
easy reading for 2026 / Total
easy reading for 2026 / TotalOffshore Namibia, TotalEnergies (TTE) has agreed to acquire a 40% operated interest in Namibia’s PEL 83 licence, including the Mopane discovery, from Galp (GLPEF), while transferring to Galp a 10% interest in PEL 56 (Venus discovery) and a 9.39% interest in PEL 91. Under the deal, TotalEnergies will carry 50% of Galp’s capital expenditure for exploration, appraisal and first development on PEL 83, to be repaid from 50% of Galp’s future cash flows from the project. TotalEnergies and Galp plan an exploration and appraisal campaign of three wells over the next two years, with the first well on PEL 83 expected in 2026, alongside ongoing work by TotalEnergies to enable a potential final investment decision on Venus in 2026. Completion of the transaction, expected in 2026, is subject to approvals from Namibian authorities and joint venture partners, after which TotalEnergies will hold operated interests of 40% in PEL 83, 35.25% in PEL 56 and 33.085% in PEL 91.