Finance
TotalEnergies snaps up acreage north of Mopane megadiscovery in Namibia
Published by Global Banking & Finance Review®
Posted on February 6, 2026
2 min readLast updated: February 6, 2026
Quick Summary
TotalEnergies acquires a 42.5% interest in a Namibian offshore exploration license, boosting its energy portfolio.
TotalEnergies Expands Its Oil Exploration in Namibia's Mopane Region
TotalEnergies' Strategic Expansion in Namibia
By America Hernandez
Details of the PEL104 Exploration Licence
Feb 6 (Reuters) - French oil major TotalEnergies has acquired a 42.5% operated interest in Namibia's PEL104 exploration licence as the firm expands its holdings off the southern African country, where it hopes to be the first to produce oil by the end of the decade.
Future Plans for Venus and Mopane
The licence, acquired for an undisclosed sum from Maravilla Oil and Gas and Eight Offshore Investments Holdings, lies to the north of its 150,000 barrels-per-day Venus development and the Mopane mega-discovery, in which it acquired an operating 40% stake last year from Galp.
Meeting with Namibia's Leadership
Mopane is estimated to hold more than 10 billion barrels of oil.
"We are very pleased to expand our portfolio and continue exploring the prolific resources of Namibia, in order to unlock further value that will benefit the country and all stakeholders," Nicolas Terraz, Total's president of exploration and production, said in a statement.
Last week TotalEnergies CEO Patrick Pouyanne met with Namibia's president and Galp's chairman to discuss the next steps in developing oil and gas assets in the country.
Total hopes to take a final investment decision this year on Venus, though complex geology has pushed up costs. Three exploration wells will be drilled at Mopane this year to better understand its resources.
(Reporting by Michal Aleksandrowicz; Editing by Jan Harvey)
Key Takeaways
- •TotalEnergies acquires 42.5% interest in Namibian offshore license.
- •The acquisition is from Eight Offshore Investments Holdings and Maravilla Oil & Gas.
- •The move enhances TotalEnergies' exploration portfolio.
- •The agreement was signed on February 6.
- •This expansion is part of TotalEnergies' strategic growth.
Frequently Asked Questions about TotalEnergies snaps up acreage north of Mopane megadiscovery in Namibia
1What is an exploration license?
An exploration license is a legal permit that allows a company to explore for natural resources, such as oil and gas, in a designated area.
2What is TotalEnergies?
TotalEnergies is a French multinational integrated oil and gas company, known for its operations in various sectors including exploration, production, refining, and renewable energy.
3What is offshore exploration?
Offshore exploration refers to the search for oil and gas resources beneath the seabed, typically conducted by drilling wells in oceanic areas.
