TotalEnergies (TTEF.PA), opens new tab has struck a deal to step in as operator of Galp's (GALP.LS), opens new tab Mopane offshore permit in Namibia's Orange Basin, acquiring a 40% stake from the Portuguese firm, the French oil major said on Tuesday.
"This agreement positions TotalEnergies as the operator of the two largest oil discoveries in Namibia and paves the way for the development of a major production hub," the French group said in a press release.
The finalisation of the transaction is expected to be completed in 2026, it added. Last month, sources told Reuters that TotalEnergies and Chevron (CVX.N), opens new tab were front-runners in the auction of a 40% operating stake the Mopane field.
