TotalEnergies (LSE:TTE) (EU:TTE) has completed an asset swap with Galp covering three exploration licences in Namibia’s offshore Orange Basin, including PEL83, which contains the Mopane oil discovery.
Under the transaction, TotalEnergies becomes operator of PEL83 with a 40% interest. In exchange, Galp receives a 10% interest in PEL56, which contains the Venus discovery, and a 9.39% interest in PEL91.
The transaction changes the ownership structure across the three exploration blocks and expands TotalEnergies’ operated interests in the Orange Basin.
TotalEnergies Holds Interests Across Three Orange Basin Licences
Following completion of the transaction, TotalEnergies operates PEL83 with a 40% interest, PEL56 with a 35.25% interest and PEL91 with a 33.09% interest.
The company is also progressing its entry as operator of PEL104.
PEL83 contains the Mopane discovery, while PEL56 contains the Venus discovery. TotalEnergies is now the operator of the licences containing both discoveries.
More About TotalEnergies SE
TotalEnergies is an integrated energy company with operations in approximately 120 countries. Its activities include oil and biofuels, natural gas and biogas, low-carbon hydrogen, renewable energy and electricity.
The company has operated in Namibia since 1964 and employs approximately 70 people in the country. It also operates 43 fuel service stations and is Namibia’s third-largest fuel distributor, according to the source material.
Alongside its offshore exploration activities, TotalEnergies is pursuing low-carbon projects in Namibia. Its interests in the country include the PEL56, PEL83 and PEL91 exploration licences, as well as its planned entry as operator of PEL104.
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