On November 19 2025, TotalEnergies SE and Chevron Corp. announced that they are the leading bidders for a 40 % operating stake in Galp Energia’s Mopane field, a discovery in Namibia’s offshore Orange Basin that is estimated to hold up to 10 billion barrels of oil equivalent. Galp, which currently owns 80 % of the field, is looking to sell half of its holding, leaving it with a 40 % stake and a partner to share the capital and operational risk of developing the asset.
The Mopane field sits roughly 200 km off the Namibian coast and is expected to begin production in 2031‑2032. TotalEnergies already operates the Venus field in the same basin, and acquiring Mopane would create synergies in drilling, production facilities and logistics, potentially reducing development costs and accelerating ramp‑up. Chevron’s interest complements its existing Namibian portfolio, which includes the Walvis Basin and the earlier Orange Basin exploration, and would broaden its offshore footprint in a region that has become a key frontier for new discoveries.
Other major players have expressed interest in the Mopane farm‑out, including Shell, Petrobras, Equinor and ExxonMobil (the latter withdrew its bid). The competitive landscape underscores the strategic importance of Namibia’s offshore resources, which have attracted significant investment after the 2022 discoveries of Venus and Graff. A partnership that secures a 40 % stake would position the winning bidder to benefit from the field’s high reserves while sharing the substantial capital expenditure required for a deep‑water development.
While the exact financial terms of the potential transaction have not been disclosed, the stake is likely to be valued in the billions of dollars, reflecting the field’s size and the low‑cost, low‑emission profile that Galp promotes for its offshore assets. The farm‑out also aligns with Galp’s strategy to reduce its exposure to the high upfront costs of offshore development while maintaining a significant equity position in a promising asset.
Management at both TotalEnergies and Chevron have highlighted their confidence in Namibia’s growth prospects. TotalEnergies’ CEO Patrick Pouyanne has emphasized the company’s “strong operational leverage” in the Orange Basin, while Chevron’s CEO Mike Wirth has noted the firm’s “record production” and “sustained cash generation” as it expands its Namibian operations. These statements signal that both majors view the Mopane opportunity as a key component of their long‑term offshore strategy.
Galp expects to finalize a partner by the end of 2025, with production not anticipated until 2031‑2032. The timing of the announcement and the competitive bidding process suggest that the field’s development will be a multi‑year effort, but the potential partnership could accelerate the project’s timeline and bring significant value to the parties involved.
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