INSIGHT | OIL & GAS
TotalEnergies Targets 2028 Investment Decision on Mopane Oil Discovery
The company plans a three-well appraisal campaign to assess the offshore discovery’s development potential before deciding whether to proceed with the project.
TotalEnergies is targeting a Final Investment Decision (FID) on Namibia’s offshore Mopane oil discovery in 2028, with a planned three-well exploration and appraisal campaign expected to assess the discovery’s resource potential and guide development planning.
In an announcement released earlier last month, TotalEnergies confirmed that it had completed its transaction with Portuguese energy company Galp, acquiring a 40% operated interest in Petroleum Exploration Licence 83 (PEL 83), where Mopane is located.
The company said the campaign would help advance the discovery towards a potential development decision, while Galp reported that drilling was targeted for the fourth quarter of 2026.
TotalEnergies's Chairman and Chief Executive Officer (CEO), Patrick Pouyanné described the transaction as “a key milestone in our journey to establish a major production hub in Namibia”.
Pouyanné added that the agreement “positions TotalEnergies as the operator of Namibia’s two largest oil discoveries”.
He explained that the company aimed to take the project to FID in 2028 following a three-well appraisal campaign.
The timing of the investment decision remains subject to the campaign’s results and subsequent technical and commercial evaluations.
TotalEnergies reported that it and Galp each hold a 40% participating interest in PEL 83, while the National Petroleum Corporation of Namibia (NAMCOR) and Custos Energy each hold 10%.
As part of the transaction, Galp acquired a 10% participating interest in Petroleum Exploration Licence 56 (PEL 56), which contains the Venus discovery, and a 9.39% interest in Petroleum Exploration Licence 91 (PEL 91) from TotalEnergies.
Further More, TotalEnergies reported a 35.25% operated interest, matching QatarEnergy’s stake on PEL 56, whith Galp and NAMCOR each hold 10%, while Impact Oil & Gas holds 9.5%.
In PEL 91, TotalEnergies holds a 33.085% operated interest, according to the ownership breakdown published by Galp.
In addition, QatarEnergy holds 33.025%, NAMCOR 15%, Impact Oil & Gas 9.5% and Galp 9.39%.
TotalEnergies also said it was progressing the completion of its entry as operator of Petroleum Exploration Licence 104 (PEL 104), further expanding its offshore exploration portfolio in Namibia.
