Portugal’s Galp Energia said Jan. 31 it will farm-down a 40% participating interest in the Petroleum Exploration License (PEL) 82 in Namibia to an ExxonMobil subsidiary.

Following the conclusion of the transaction, both Galp and ExxonMobil will hold a 40% interest in the license, and Galp will maintain the operatorship. The National Petroleum Corp. of Namibia and Custos, a local Namibian company, each hold a 10% stake in the license.

The license is located in the Walvis Basin and covers an area of 4,418 sq-mile (11,444 sq km) in water depths ranging from 300 m (984 ft) to 2,000 m (6561 ft).

The transaction conclusion is subject to satisfaction of customary conditions precedent, including the approval of the relevant competent Namibian authorities.