White & Case advises Galp Energia on exchange of participating interests in Namibia’s Orange Basin

Global law firm White & Case LLP has advised Galp Energia SGPS SA (Galp Energia), a leading Portuguese energy company, on its exchange of interests with TotalEnergies SE (TotalEnergies) in Namibia's Orange Basin.

The transaction centres on two of the most significant oil discoveries in Namibia: the Venus Field and the Mopane Field. Under the agreement, Galp Energia and TotalEnergies will exchange Galp Energia's 40% participating interest in Petroleum Exploration License PEL83 (containing the Mopane oil field) for TotalEnergies' 10% interest in PEL56 and 9.39% interest in PEL91 (containing the Venus oil field).

"This is a landmark deal for the Orange Basin, and aligns the strengths of two major energy players to unlock the full potential of the Mopane and Venus discoveries. Our cross-border team has advised Galp Energia at each step through the strategic complexities of this important transaction," said White & Case partner Mukund Dhar, who led the Firm's deal team.

As part of the arrangement, TotalEnergies will assume operatorship of PEL83 and support Galp Energia in launching an exploration and appraisal campaign of at least three wells over the next two years to further de-risk resources and advance the Mopane oil field's development. Additionally, TotalEnergies will carry 50% of Galp Energia's capital expenditures for the exploration, appraisal and initial development of the Mopane field, which will be repaid through 50% of Galp Energia's future cash flows from the project. Additionally, by obtaining a position in PEL 56 and PEL 91, Galp also secures exposure to the Venus project, for which TotalEnergies is maturing a development concept for a 160 kbpd FPSO, with a final investment decision estimated for 2026.

Completion of the transaction is expected in 2026 and is subject to approvals from Namibian authorities and the other joint venture parties in the Mopane and Venus projects.

The White & Case team which advised on the transaction was led by partners Mukund Dhar and Margot Berry and included partners and Paddy Mohen, Catherine Hill, Jessica Kemp and Swati Tripathi (all London), Strati Sakellariou-Witt and Giuseppe Tantulli (both Brussels), counsel Johanna Hayward (London) and associates David Murray (Houston), Oliver Waddingham, Yoon So Lee, Ed Pearson, Sofia Wake-Walker, Charlotte Kail, Bethany Carter, Alice Parsons, and Alec Buchanan (all London), India Nathan (Abu Dhabi) and Marios Gavriiloglou (Brussels).

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