TotalEnergies is currently the leading bidder to acquire a 40% stake in Galp’s Mopane oil field in Namibia. The deal is expected to involve approximately €3 billion (around $3.2 billion USD) in project costs shouldered by TotalEnergies, in addition to an upfront cash payment of around €200 million.
Seller: Portugal-based energy company Galp Energia.
a 40% operating stake in the Mopane field (Galp is selling half of its 80% interest).
UBS analysts estimate the 40% stake could be worth around €200 million in upfront cash, plus the buyer covering approximately €3 billion in future project costs on Galp’s behalf.
The Mopane field is estimated to contain up to 10 billion barrels of oil equivalent, making it one of the largest discoveries globally in the past decade.
Negotiations are in advanced stages, and a deal could be finalized before the end of 2025.
This potential acquisition would significantly expand TotalEnergies’ footprint in Namibia’s Orange Basin, which has become a major global exploration hotspot. TotalEnergies is already the operator of the nearby Venus discovery, a separate, technically challenging deepwater project that could require up to $11 billion in investment. A final investment decision (FID) for the Venus project is expected in late 2026.
Note by Alessandro Bazzoni