TotalEnergies SE (ENXTPA:TTE) agreed to acquire 40% stake in PEL83 license in Namibia from Galp Energia, SGPS, S.A. (ENXTLS:GALP) on December 9, 2025. Before completion, Galp Energia, SGPS, S.A. owns 80% stake in PEL83 license. Upon completion, Galp Energia, SGPS, S.A. will own 40% stake in PEL83 license. In turn, Galp will acquire interests in PEL 56 and 91, which are currently owned by TotalEnergies.
Completion of the transaction is subject to customary third party approvals from the Nambian authorities and joint ventures parties, with completion expected to occur in 2026.
The team of PLMJ Advogados, SP, RL led by Diogo Perestrelo, André Figueiredo and Rúben Brigolas acted as legal advisor for Galp Energia, SGPS, S.A. The team of White & Case led by Mukund Dhar, Margot Berry, Paddy Mohen, Catherine Hill, Jessica Kemp, Swati Tripathi, Strati Sakellariou-Witt, Giuseppe Tantulli and Johanna Hayward acted as legal advisor for Galp Energia, SGPS, S.A.
Galp Energia, SGPS, S.A. is a leading European oil and gas group. The group also produces electrical power. Net sales break down by activity as follows:
- distribution of oil, natural gas and electricity (43.4%): 16.3 TWh of natural gas sold in 2024
- refining and distribution (39.9%): 7.1 million tons of oil products sold. At the end of 2024, the group operated 1,240 service stations in Portugal, Spain and Africa;
- exploration and production of crude oil (15.2%). At the end of 2024 bloc, the group's portfolio consisted 10 blocks in Brazil, 3 blocks in Sao Tome and Principe, and 1 block in Namibia;
- other (1.5%).
Net sales are distributed geographically as follows: Europe (86.3%), Latin America (10.1%) and Africa (3.6%).
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