TotalEnergies’ Namibia Power Play: What’s At Stake In The $3 Billion Mopane Deal?

TotalEnergies reported strong financial results in the third quarter of 2025, demonstrating its commitment to a multi-faceted growth strategy. The company’s two-pillar focus on expanding its oil and gas production and enhancing downstream operations yielded significant benefits, even amidst a challenging pricing environment. On the positive side, TotalEnergies achieved impressive growth in its upstream segment. The company’s hydrocarbon production increased by over 4% year-on-year, with new high-margin projects such as Mero Fields in Brazil and deepwater projects in the U.S. coming online. This production growth contributed an additional $400 million in cash flow year-on-year. Downstream operations also performed well, with refining margins significantly improved, resulting in cash flow from this segment increasing by nearly $500 million in the quarter. This was aided by operational efficiency and effective asset turnarounds, allowing TotalEnergies to capitalize on strong market conditions.