TotalEnergies strengthens Namibian deepwater position with Mopane stake acquisition and expansion of Venus partnership

TotalEnergies strengthens Namibian deepwater position with Mopane stake acquisition and expansion of Venus partnership

(IN BRIEF) TotalEnergies has signed an agreement with Galp that gives TotalEnergies a 40% operated interest in PEL83, home to the Mopane discovery, while Galp will acquire 10% of PEL56, which contains the Venus discovery, along with a 9.39% stake in PEL91. TotalEnergies will cover 50% of Galp’s future exploration and development spending on Mopane, to be repaid from project cash flows. The companies plan a joint exploration and appraisal programme of three wells over two years starting 2026. TotalEnergies remains focused on advancing Venus toward a possible FID in 2026. After approvals, TotalEnergies will hold operated stakes in PEL83, PEL56 and PEL91, strengthening its role in Namibia’s upstream sector. The move supports the creation of a future production hub in Namibia with long-term value for the country and partners.

(PRESS RELEASE) PARIS, 9-Dec-2025 — /EuropaWire/ — TotalEnergies has reached a strategic agreement with Galp that reshapes ownership across several high-profile Namibian offshore licenses, positioning TotalEnergies as operator of two of the country’s most significant oil discoveries. The transaction strengthens the company’s role in Namibia’s emerging deepwater sector and lays the foundation for developing a major production hub expected to generate long-term value for the nation and industry partners.

Under the agreement, TotalEnergies will acquire a 40% operated interest in PEL83, home to the Mopane discovery, while Galp will obtain a 10% stake in PEL56, which includes the Venus discovery, as well as a 9.39% interest in PEL91. TotalEnergies will fund 50% of Galp’s exploration and appraisal spending for Mopane, including the first development phase, with Galp repaying the carry from future cash flow generated by the project.

Both companies have committed to launch a joint exploration and appraisal programme consisting of three wells over the next two years, beginning in 2026. This campaign aims to advance resource delineation around Mopane and accelerate progress toward development.

Concurrently, TotalEnergies affirmed continued focus on the Venus development on PEL56, noting that preparations remain on track as the company works to secure all requirements for a potential final investment decision in 2026.

Speaking on the agreement, Patrick Pouyanné, Chairman and CEO of TotalEnergies, stated:
“We are delighted to be chosen as Galp’s partner for PEL83 and the Mopane discovery. It demonstrates confidence in our deepwater expertise and in Namibia’s future as a new oil-producing nation. With the ability to operate both Venus and Mopane, we can pursue synergies that support sustainable, profitable development and long-term value for Namibia and stakeholders. We look forward to continuing our engagement with Namibian authorities to move both projects forward.”

Completion of the transaction remains subject to customary regulatory approvals in Namibia and consent from joint venture partners, with closing expected during 2026.

Post-transaction equity interests will be:

PEL83 (Mopane discovery) — TotalEnergies 40% (operator), Galp 40%, Namcor 10%, Custos 10%
PEL56 (Venus discovery) — TotalEnergies 35.25% (operator), QatarEnergy 35.25%, Galp 10%, Namcor 10%, Impact 9.5%
PEL91 — TotalEnergies 33.085% (operator), QatarEnergy 33.025%, Namcor 15%, Galp 9.39%, Impact 9.5%

About TotalEnergies in Namibia

TotalEnergies has been present in Namibia since 1964 and employs 55 people. TotalEnergies is also the 4^th largest fuel distributor in the country, with 43 service stations. In line with its multi-energy strategy, the Company is looking for local opportunities to develop low carbon projects in the country.

About TotalEnergies

TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas, biogas and low-carbon hydrogen, renewables and electricity. Our more than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.

TotalEnergies Contacts

• Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR
• Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com

TotalEnergies on social media

• X: @TotalEnergies
• LinkedIn: TotalEnergies
• Facebook: TotalEnergies
• Instagram: TotalEnergies

Cautionary Note
The terms “TotalEnergies”, “TotalEnergies company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate legal entities. TotalEnergies SE has no liability for the acts or omissions of these entities. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities is provided in the most recent Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).

SOURCE: TotalEnergies