Galp completes TotalEnergies partnership in Namibia

Galp said on Thursday it has completed its strategic partnership with France’s TotalEnergies in Namibia, finalising a planned reshaping of its portfolio to increase exposure to what it called one of the world’s most promising regions for new oil and gas projects. The move broadens the Portuguese energy group’s position across three offshore blocks in a high-potential exploration market.

Following the transaction, Galp retains a 40% stake in PEL 83, where it made the Mopane discovery, and now holds 10% of PEL 56 and 9.39% of PEL 91. The company said this shifts it from a concentrated position in a single block to a diversified offshore portfolio in Namibia.

Galp said the new structure preserves significant exposure to Mopane while adding a stake in Venus, which it described as one of Namibia’s most advanced development projects and one that is moving closer to a final investment decision. The company said this diversifies its exposure across assets at different stages of maturity.

The next milestones in Namibia will be the start of a new Mopane exploration and appraisal campaign, expected in the fourth quarter of 2026, and further progress at Venus towards a final investment decision. Galp shares were up 1.28% at €21.38 in early trading in Lisbon on Friday, leading gains on the PSI index, which rose 0.38%.

Originally published at Eco.pt