TotalEnergies to Partner with Galp Energia on Mopane Discovery in Namibia — Update
By Adam Whittaker
TotalEnergies will acquire a 40% stake in Galp Energia's offshore Namibia discovery, ending speculation over which suitor would participate in one of the most significant discoveries in recent years.
The announcement sent shares in Portugal's Galp tumbling as investors were left disappointed by the lack of upfront cash payment. In late morning trade, shares were down 14% at 14.90 euros.
In exchange for the 40% stake, TotalEnergies will give Galp a 10% interest in a field which houses its Venus discovery, and a 9.4% interest in another field.
TotalEnergies will be liable for half of Galp's capital expenditure for the exploration of the Mopane discovery, which will be repaid through half of Galp's future cash flows from the project, the company said.
Galp had been looking for an experienced partner to help derisk the project, and had set a goal of reaching an agreement by year-end. The deal is expected to complete in 2026.
Write to Adam Whittaker at adam.whittaker@wsj.com
(END) Dow Jones Newswires
December 09, 2025 05:38 ET (10:38 GMT)
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