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TotalEnergies Takes Operatorship of Namibia's Mopane Oil Discovery

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TotalEnergies (TTE) has acquired a 40% operated interest in Namibia's PEL83 license from Galp, taking over operatorship of the acreage that hosts the giant Mopane oil discoveries in the country's Orange Basin, Custos Energy said on Thursday.

Following completion of the transaction, PEL83 is held by TotalEnergies with a 40% stake, Galp with 40%, Namibia's state oil firm, Namcor, with 10% and Custos Energy with 10%.

Custos, which retained its 10% participating interest, said it would work with its joint venture partners and the Namibian government to advance development of the Mopane discoveries.

Custos said it remained focused on developing its portfolio with international partners and ensuring that development of the Orange Basin generates broader economic benefits for Namibia, particularly through local capacity building and employment opportunities.

Price: $90.85, Change: $+0.63, Percent Change: +0.70%

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