Bold truth: TotalEnergies is poised to clinch a major stake in Galp Energia’s blockbuster Namibian offshore discovery, signaling a pivotal tilt in one of the globe’s hottest oil fronts. According to people familiar with confidential negotiations, the French supermajor has surged to the lead position among rivals bidding for a 40% stake in Galp’s Mopane field. The final partner is expected to take over operatorship of the development, as Galp aims to strike a deal before year-end.
Galp has only confirmed that a partner will be secured by year-end, declining to name the shortlisted contenders. TotalEnergies declined to comment on the process.
Analysts from UBS estimated in October that the 40% Mopane stake could fetch around €200 million upfront, with roughly €3 billion in subsequent project spend to be funded by the buyer on Galp’s behalf.
The Mopane discovery sits in Namibia’s Orange Basin, an increasingly competitive offshore exploration hotspot that has attracted heavyweight players like TotalEnergies, Shell, and Chevron’s interest since earlier this year.
For TotalEnergies, securing Mopane would markedly broaden its footprint in Namibia’s emerging oil frontier. The company is already progressing with the nearby Venus discovery, a deepwater project CEO Patrick Pouyanné has described as technically demanding and potentially capex-intensive, possibly up to €11 billion, including a floating production vessel capable of delivering about 150,000 barrels per day.
Galp contends Mopane could hold up to 10 billion barrels of oil equivalent, potentially ranking it among the largest discoveries of the past decade and a game-changing asset for the Lisbon-based company. Beyond Mopane, Galp maintains upstream operations in Brazil and in São Tomé e Príncipe.
Executives indicated in October that discussions with potential partners were already in advanced stages. With TotalEnergies now widely viewed as the frontrunner, a deal could be sealed before year-end.
