Lisbon, Dec. 9, 2025 (Lusa) - Galp shares fell 11.85% on the Lisbon stock market after announcing that it had reached an agreement with France's Total on an oil exploration project in Mopane, Namibia.

At 12:25 p.m. (Lisbon time), the Portuguese oil company's shares stood at €15.28 per share, having fallen as low as €14.67 per share since the start of the session.

This development comes after the Portuguese oil company announced that it had reached an agreement with TotalEnergies for the French oil company to acquire a 40% stake in its Mopane project in Namibia, in exchange for a 10% stake and another 9.4% stake in TotalEnergies' projects in the African country.

Galp said on Monday that it had chosen TotalEnergies as its partner to "jointly operate and develop the Mopane discovery through an asset swap".

With this swap, Galp is giving up half of its stake in Oil Exploration Licence No. 83 (PEL 83).

The Portuguese oil company said that the acquisition of stakes in the French counterpart's portfolio contributes to its expansion in the Orange offshore basin in Namibia.

The two companies have also committed to launching an exploration and evaluation campaign of at least three wells over the next two years to reduce the risk of the block further and potentially unlock a development centre, with the first potential well under evaluation for 2026.

Galp's Chairwoman, Paula Amorim, said that the company is "delighted to establish a partnership with TotalEnergies", considering that it is an operator "highly experienced in ultra-deep waters" and thus "significantly reduces the risks of Mopane".

The agreement is subject to approval by the government, regulatory authorities and joint venture partners, and is expected to be finalised next year.

AJR/ADB // ADB.

Lusa