White & Case LLP and PLMJ advised Galp Energia SGPS SA (Galp Energia) on a strategic exchange of interests with TotalEnergies SE (TotalEnergies) in Namibia’s Orange Basin, covering the Mopane and Venus oil fields.

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).

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.

White & Case LLP acted as lead international counsel to Galp Energia SGPS SA (Galp Energia).

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).

PLMJ acted as Portuguese counsel to Galp Energia. Partner and Co-Head of PLMJ’s Corporate M&A practice, Diogo Perestrelo, led the team, which also included Partner André Figueiredo, International Partner Rúben Brigolas, and Managing Associate Nuno Morgado Pereira.