Galp informed this Thursday that it concluded the strategic partnership with French TotalEnergies in Namibia, completing the reconfiguration of its portfolio to reinforce exposure to one of the most promising regions for the development of new oil and gas projects globally.
With the conclusion of the transaction, the Portuguese oil company maintains a 40% stake in PEL 83, where it made the Mopane discovery, and now holds stakes of 10% in PEL 56 and 9.39% in PEL 91. This reconfiguration allows the evolution from a position concentrated in a single block to a diversified portfolio of three offshore blocks in Namibia.
The new configuration maintains material exposure to Mopane's potential and adds a participation in Venus, one of Namibia's most advanced development projects and which is approaching a final investment decision, diversifying Galp's exposure among assets at different stages of maturity.
The next milestones in Namibia will be the start of the new Mopane exploration and evaluation campaign, planned for the fourth quarter of 2026, and Venus advancing toward final investment decision.
