TotalEnergies Takes Operator Role in Namibia's Giant Mopane Discovery as Diversified Energy Agrees $1.8 Billion Permian Deal

TotalEnergies has completed its entry as operator into the PEL83 license in Namibia's Orange Basin, acquiring a 40% operated interest from Galp in a transaction that reshapes control of the giant Mopane discoveries. The license is now held by TotalEnergies at 40% as operator, Galp retaining 40%, with Namibia's state oil company Namcor holding 10% and local partner Custos Energy holding the remaining 10%.

In a separate deal announced the same day, Diversified Energy Company agreed to acquire Birch Permian Holdings and affiliated companies from affiliates of Elliott Investment Management for $1.8 billion, marking the company's largest-ever acquisition. Birch adds approximately 68,000 barrels of oil equivalent per day of net production and an estimated $548 million in annualised adjusted EBITDA, with Diversified Energy projecting the deal will lift group production by around 35% and adjusted EBITDA by roughly 55%.

Also on September 3, Australian energy company Woodside Energy signed a memorandum of understanding with Mexico's state-owned PEMEX to assess potential opportunities for hydrocarbon exploration and extraction in the deep waters of the Gulf of Mexico, though no financial terms or specific acreage were disclosed.