TotalEnergies said Tuesday it had reached a deal to become a partner in the Mopane oil field off the coast of Namibia, where exploration remains underway.

The deal with Galp will see TotalEnergies joining the Portuguese firm as an operator as more exploration wells are drilled in view to develop the field for production.

"The transaction positions TotalEnergies as the operator of the two largest oil discoveries in Namibia and opens the way for the development of a major producing hub, generating long-term value for the country and partners," the French firm said in a statement.

Galp said last year it estimated the Mopane field could contain at least 10 billion barrels of oil.

The deal will see TotalEnergies take a 40 percent stake in the petroleum exploration licence that includes Mopa

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