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Upstream in Namibia

Subject to customary third-party approvals and deal completion, Galp expands its footprint in Namibia's offshore Orange Basin. Galp will transfer operatorship to TotalEnergies and retain a 40% stake in Petroleum Exploration Licence 83 (PEL 83), home to the Mopane discovery, in exchange for a 10% interest in PEL 56, where the Venus discovery is located, and a 9.4% interest in PEL 91. Galp also secured a funding agreement in PEL 83, with TotalEnergies carrying 50% of future exploration, appraisal, and development capital expenditure for a potential first development and until first oil.

Portfolio of upstream projects in Namibia1

           
Block Basin Type Phase Partners
PEL 83 Orange Basin Deep to ultra-deep waters Exploration and appraisal Galp 40% | TotalEnergies 40% (op.) | NAMCOR 10% | Custos 10%
PEL 56 Orange Basin Deep to ultra-deep waters Exploration and appraisal Galp 10% | TotalEnergies 35.25% (op.) | QatarEnergy 35.25% | NAMCOR 10% | Impact 9.5%
PEL 91 Orange Basin Deep to ultra-deep waters Exploration and appraisal Galp 9.39% | TotalEnergies 33.085% (op.) | QatarEnergy 33.025% | NAMCOR 15% | Impact 9.5%

1Upon deal completion, subject to customary third-party approvals from the Namibian authorities and JV partners. Closing is expected during 2026

Timeline

2025
2024
2022
2021
2020
2019
2018
2016
2013
2012
1st Quarter

As part of the second exploration and appraisal campaign, Galp and its partners drill the fifth exploration well (Mopane-3X) in the southeast region of the Mopane complex, located 18 km from the Mopane-1X well. Mopane-3X targets two stacked prospects (AVO-10 and AVO-13) and a deeper sand layer.

The results confirm light oil and condensate discoveries in high-quality sandstones with high permeability, pressure, and porosity. Fluid samples show low oil viscosity, minimal CO2 content, and no H2S.

The well confirms the potential of the southeast region, opening new opportunities for future exploration and appraisal activities in a new hub within the Mopane complex. 

Galp also shoots a high-quality 3D seismic campaign over the full Mopane development area. 

Following the successful completion of the campaign, Galp opens data rooms during the summer and launches a competitive process to dilute its 80% stake and transfer operatorship of the block.

December

As a result of the stake dilution process, Galp partners with TotalEnergies, transfers operatorship and retains a 40% stake in PEL 83, home to the Mopane discovery, in exchange for a 10% interest in PEL 56, where the Venus discovery is located, and a 9.4% interest in PEL 91.

Both partners remain aligned on advancing the Mopane discovery, committing to an exploration and appraisal campaign of at least three wells over the next two years. The first potential well is currently under assessment for 2026. TotalEnergies will cover half of Galp’s investment costs for exploration, appraisal, and development activities in Mopane.

TotalEnergies is also progressing a development concept for Venus that includes a 160 kbpd FPSO, with a final investment decision expected in 2026.

Galp safely and successfully completes the first exploration campaign – comprising two exploration wells (Mopane-1X and Mopane-2X) and one drill stem test (DST) – and announces important discoveries in the Mopane complex. This complex is an Upper Cretaceous play located in the southern part of the block, approximately 200 km offshore Namibia, in water depths of 1,200 m to 1,900 m.

The results confirm light oil and gas condensate discoveries in high-quality sandstones with high permeability and pressure and good porosity. Fluid samples show low oil viscosity, minimal CO2 content, and no H2S.

In October, Galp and its partners launch a second campaign – comprising two additional appraisal wells (Mopane-1A and Mopane-2A) – to derisk the Mopane complex.

Galp is planning an exploratory well, to be drilled in late 2023 or early 2024.

Nearby oil discoveries in the Graf-1 and Venus-1 wells, drilled by Shell and TotalEnergies, respectively, have proven the presence of a functional oil system in the Orange basin, and with PEL 83 being located immediately to the north-northeast of these discoveries, the results could have an impact on the prospectivity of PEL 83.

Therefore, in September 2021, the partners of PEL 83 agreed to enter into the second two-year exploration period with the possibility of being extended for an additional year, until the 2nd of September 2024.

Analysing the results of the 3D seismic acquisitions of PEL 82 and PEL 83 to identify potential prospects and leads.

PEL 83 consortium successfully completes 3D seismic acquisition campaign, covering an area of 3,000 km2, with zero health, safety, and environmental incidents, on time and on budget.

Galp delivers the Environmental Impact Assessments for potential drilling campaigns in both oil exploration licences.

PEL 82 consortium successfully completes 3D seismic acquisition campaign, covering an area of 5,000 km2.

Galp reaches agreement with the Namibian government to secure oil exploration licences in PEL 82 (previously PEL 23), in the Walvis basin, and PEL 83 (previously PEL 28), in the Orange basin.

Completion of an exploratory campaign, with the drilling of the Wingat and Murombe wells in the Walvis basin and the Moosehead well in the Orange basin.

Although the campaign did not result in any commercial discoveries, the potential for oil offshore Namibia has been proven.

Galp signs a farm-in agreement for the acquisition of a 14% stake in three oil exploration licences located offshore Namibia: PEL 23, in the Walvis basin, PEL 24 and PEL 28, both in the Orange basin.

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