Galp Energia

M&A Activity • Dec 9, 2025

Galp partners with TotalEnergies in Namibia

Galp firms a relevant partnership and expands its position in Namibia's Orange basin.

After reaching an agreement with TotalEnergies to exchange a 40% participating interest in PEL 83, where the Mopane discovery lies, for a 10% interest in PEL 56, home to the Venus discovery, and a 9.4% interest in PEL 91.

TotalEnergies, operator in PEL 56 and PEL 91, will take operatorship in PEL 83. Through this agreement, Galp will retain a 40% stake in PEL 83 and ensures alignment on further maturing the Mopane discovery, with commitment to launch an exploration & appraisal campaign of at least three wells over the next two years to continue de-risking the block and support the unlocking of a development hub. The first potential well is under assessment for 2026.

Galp and TotalEnergies also signed a funding agreement where 50% of all Galp's investments for a first development in Mopane will be carried. The carry will be repaid following the first commercial oil through 50% of Galp'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 final investment decision estimated for 2026.

The transaction is subject to customary third-party approvals from the Namibian authorities and joint venture parties, with completion expected to occur during 2026.

"After Galp's remarkable exploratory efforts in Namibia, leading PEL 83 with an 80% stake, we are happy to partner with TotalEnergies, a highly experienced ultra deepwater operator, and significantly de-risk Mopane by aligning a concrete path forward for the asset.

We expand our footprint in Namibia's prolific Orange basin, reinforcing our commitment to the development of the country's oil and gas industry, whilst strengthening our upstream portfolio with high-potential projects, such as Venus, which will further support Galp's continued growth profile."

Paula Amorim, Chairman of Galp

Upon completion of the transaction, participating interests in the blocks will be:

Blocks 2813A & 2814B (PEL 83)

Galp 40%

TotalEnergies 40% (op.) NAMCOR 10% Custos 10%

Block 2913B (PEL 56)

Galp 10%

TotalEnergies 35.25% (op.) QatarEnergy 35.25% NAMCOR 10% Impact 9.5%

Block 2912 (PEL 91)

Galp 9.39%

TotalEnergies 33.085% (op.) QatarEnergy 33.025% NAMCOR 15% Impact 9.5%

Galp Energia, SGPS, S.A.

Investor Relations: João G. Pereira, Head Tommaso Fornaciari João Simões

Contacts: Tel: +351 21 724 08 66 Address: Avenida da Índia, 8 1349-065 Lisbon, Portugal Website: www.galp.com/corp/en/investors Email: investor.relations@galp.com Reuters: GALP.LS Bloomberg: GALP PL

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