TotalEnergies has outlined an ambitious development plan for the Mopane discovery in Namibia's Orange Basin, which it sees as a cornerstone of a new deepwater production hub alongside the Venus discovery.

Project Scope and Resource Potential

The Mopane project, located in Petroleum Exploration Licence 83, is planned to be developed using a floating production, storage and offloading vessel with a capacity of at least 200,000 barrels of oil per day. The discovery holds an estimated resource of between 800 million and 1.1 billion barrels of oil equivalent. Combined with the Venus discovery, which holds 750 million barrels, TotalEnergies controls about 1.5 billion barrels of discovered resources in the region, forming the foundation for a shared infrastructure hub.

Strategic Acquisition and Partnership

TotalEnergies secured a 40% operating stake in PEL 83 (Mopane) through a strategic, cashless asset swap with Galp Energia. In exchange, Galp received a 10% interest in the Venus-holding PEL 56 and a 9.39% stake in the adjacent PEL 91. TotalEnergies will also carry 50% of Galp's investment for an initial development at Mopane and for drilling one appraisal and two exploration wells. Company executives highlighted that offering a stake in the Venus discovery was the critical edge that secured the deal, avoiding a costly cash transaction in a high-priced market for discovered resources. The agreement is expected to close by mid-2026, positioning TotalEnergies as a key partner for Namibia's government.

Development Timeline and Synergies

The final investment decision for the Venus project is targeted for this year, with first oil from a 150,000 bpd FPSO expected by 2030. The goal for Mopane's FID is 2028, with a potential 200,000 bpd FPSO coming online a couple of years later. This would bring combined production to 350,000 bpd, with additional upside potential. Developing both projects in tandem allows for efficient scaling of engineering, procurement, and logistics, strengthening long-term contractor relationships and maximizing synergies for all stakeholders.

Exploration and Appraisal Activities

To further define the Mopane discovery, an appraisal well will be drilled this year in the southwest of PEL 83 to assess its western extent. This will be followed by two exploration wells targeting prospects named Quiver and Sobreiro, located north of Mopane. Beyond the immediate developments, TotalEnergies' regional portfolio in southern Africa, which includes acreage in South Africa's Orange Basin and a prospective license in Namibia's Luderitz Basin, holds an estimated 10 billion barrels of oil equivalent of exploration potential across multiple prospects.

Strategic Importance

The Mopane and Venus projects represent the first steps toward establishing a domestic oil industry in Namibia. For TotalEnergies, they form a sustainable multi-FPSO hub in one of the world's most dynamic basins, with Mopane serving as a second strategic pillar for significant production growth beyond 2030.