TotalEnergies Takes Control of Giant Namibian Oil Discovery
French energy major acquires 40% operating stake in the Mopane field, estimated to hold up to 10 billion barrels, solidifying its dominance in a new oil frontier.
TotalEnergies has significantly deepened its investment in Africa’s newest oil frontier, acquiring a major operational stake in a potentially massive discovery off the coast of Namibia. The French energy giant announced it will take a 40% operated interest in the Mopane discovery from Portuguese firm Galp Energia, a move that positions TotalEnergies as a dominant player in the region’s burgeoning Orange Basin.
The Mopane field, located in Petroleum Exploration License 83 (PEL 83), has generated considerable excitement in the global energy sector. Early exploration suggests the discovery could hold as much as 10 billion barrels of oil equivalent, making it one of the most significant new finds in recent years. Financial details of the transaction were not immediately disclosed.
The deal solidifies Namibia as a strategic growth area for TotalEnergies, which already operates the nearby Venus discovery in PEL 56. By securing operatorship of both major finds, the company can coordinate development, streamline operations, and potentially build a major new production hub that could reshape global energy flows over the next decade.
Shares of TotalEnergies traded modestly higher on the news, with its NYSE-listed ADRs climbing 0.2% to $65.68 in recent trading. The move is seen by analysts as a long-term strategic play to replenish reserves and capitalize on one of the world's last remaining, largely untapped deepwater basins.
In a statement confirming the agreement, the company outlined its immediate plans for the asset. "TotalEnergies will conduct an exploration and appraisal campaign in order to de-risk the resources and proceed with the development of the Mopane discovery," the company stated. This campaign is set to include drilling three wells over the next two years, with the first slated for 2026.
The acquisition marks a strategic pivot for Galp Energia, which made the initial discovery. The Portuguese company will retain a 40% interest in the project, while Namibian state oil company Namcor will hold the remaining 20%. By bringing in a supermajor like TotalEnergies as operator, Galp de-risks the capital-intensive development phase while retaining significant exposure to the project's upside.
Namibia's Orange Basin has become a global hotspot for oil exploration following TotalEnergies' initial Venus discovery in 2022 and Shell's nearby Graff-1 find. The geology of the basin has drawn comparisons to the prolific pre-salt fields of Brazil and Guyana, attracting billions in exploration investment. TotalEnergies is simultaneously advancing its work on the Venus field, aiming for a final investment decision in 2026, creating a clear timeline for a two-pronged development strategy in the country.
This aggressive expansion in Namibia aligns with TotalEnergies' broader strategy of focusing on high-return, low-cost oil and gas projects to fund its transition into renewable energy. While the company is investing heavily in solar, wind, and electricity, its traditional hydrocarbon business remains the financial engine powering that shift. Securing a potential multi-billion barrel discovery provides a long-term production runway that can support shareholder returns and clean energy investments for decades to come.
The development of the Mopane and Venus fields will be a complex and costly undertaking, requiring billions of dollars in deepwater infrastructure. However, by establishing a commanding operational footprint, TotalEnergies is well-positioned to manage the project's scale and timeline, turning a promising discovery into a cornerstone of its future production portfolio.