TotalEnergies announcement the signing of an agreement with the Portuguese oil company, GALP Energia SGPS SA . Through this agreement, TotalEnergies will acquire a 40% operating stake in the license from Galp PEL83, which includes the Mopane discovery.

“Bookman Old Style”, serif"> TotalEnergies will take responsible for 50% of Galp's capital expenses for exploration and the appreciation of the Mopane oil discovery as well as for the first development on PEL 83. This port will be reimbursed by access to 50% future Galp cash flows generated by the project. For his part, Galp goes acquire from TotalEnergies a 10% stake in PEL56, which includes the discovery of Venus and a 9.39% stake in PEL91.

This agreement positions TotalEnergies as operator of these two biggest oil discoveries in Namibia and paves the way for development of an important production hub.

TotalEnergies and Galp will launch an exploration and appreciation campaign comprising three wells over the next two years, with a first well planned in 2026, in order to ensure available resources and to progress diligently towards the development of the Mopane discovery.

Noted that at the end of this transaction, TotalEnergies will hold a stake operated by 40% in PEL83, alongside Galp (40%), Namcor (10%) and Custos (10 %).