TotalEnergies concludes agreement with Galp to enter as operator in the prolific PEL 83 license, including the Mopane discovery
Namibia, Dec. 9 -- TotalEnergies has signed an agreement with Galp Energia SGPS SA ("Galp") under which:TotalEnergies is to acquire from Galp a 40% operated interest in PEL83, which includes the Mopane discovery;Galp is to acquire from TotalEnergies a 10% participating interest in PEL56, which includes the Venus discovery, and a 9.39% participating interest in PEL91;TotalEnergies will carry 50% of Galp's capital expenditures for the exploration and appraisal of the Mopane discovery and the first development on PEL83. The carry will be repaid through 50% of Galp's future cash flows from the project.TotalEnergies and Galp agreed to launch an exploration and appraisal campaign including three wells over the next two years, with a first well pl...
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