TotalEnergies to Develop Major Oil Field in Namibia

Namibian authorities have approved the deal with French TotalEnergies to develop the large Mopane oil field, with the company acquiring a 40% stake in the project and becoming its operator, the company's CEO Patrick Pouyanné announced on September 3.

"We would like to thank the Namibian authorities for their swift approval of this strategic transaction with Galp, our new partner in Namibia. TotalEnergies' entry as operator of the giant Mopane field marks an important milestone on our path to establishing a major production hub in Namibia," he said.

According to Pouyanné, the deal will make TotalEnergies the operator of two of Namibia's largest oil fields and strengthen the company's position in the Orange Basin.

TotalEnergies plans to begin appraisal drilling at Mopane in the second half of 2026 and make a final investment decision on the project in 2028.

In April 2024, Portuguese company Galp Energia completed the first phase of development of the Mopane field in Namibia. Mopane has estimated reserves of 10 billion barrels and is located in the Namibian Atlantic shelf, near the border with South Africa, in deep waters.

In August, Norwegian state energy company Equinor signed an agreement with Harmattan Energy Limited, a subsidiary of American Chevron, to acquire a 17.4% stake in an oil exploration license in the Orange Basin off the coast of Namibia.